"100% Guaranteed Concessional Loan"? How much can it borrow? Is it easy to borrow?
2022-9-2
The third round of the "100% Guaranteed Concessional Loan" scheme, guaranteed by the Hong Kong government, has gone through more than four months. The first batch of loan applications have been issued, but in many cases, the loan amount has not been satisfactory, and it has not been able to obtain "27 times the rent and staff wages" as stated in the plan. For the applicant, it can be said that "the throat can't reach the lungs", and it can only solve the short-term business pressure.
The government claims that a number of false application cases have been found recently, so the government and banks have become very cautious in the approval process. The processing is more stringent than the previous two rounds. The required supporting documents are more in detailed, if there are a few deviations from the requirements. The banks will not approved.
Due to the strict approval process, the time of approving the applications are longer. Furthermore, there are many new companies applying this time, which has caused the a backlog of applications, so the processing time is slow.
As for the actual loan amount, the latest information released by the Mortgage Corporation as of 8/12/22 (see picture), 53,851 applications have been approved, and the approved loan amount is 100.5 billion, which means, each application only gets a loan on average 1.87 million. Since the enterprise can apply for a maximum of 9 million, if applying in three times, an average should be 3 million each time. However, according to what the enterprise received, there is a huge gap, it has only received a bit more than half. It can be seen that the approved amount is actually not high, and there is a large distance from the loan amount expected by the enterprise.
Due to the backlog of applications, if you want to obtain a "100% Guaranteed Special Loan", you must apply as soon as possible; more importantly, you must prepare documents and other preparations before applying, which can not only speed up the approval time, but also receive the maximum loan amount.
If you need to apply, or want to know more about the program details, application methods and skills, please contact our company.
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