Hong Kong’s small- and medium-sized enterprises (SMEs) can now apply for a business loan without lengthy application procedures and without the need for collateral backing, according to HSBC.
The bank’s new Small Business Loan can be accessed within 48 hours. Loans of between HK$50,000 and HK$300,000 at an interest rate of 25 basis points per month are available.
A handling fee of 1 per cent of the loan amount will apply per annum.
No collateral backing or documents showing financial performance are required. HSBC says the application process only requires companies to show their most recent rental receipt and an Mandatory Provident Fund (MPF) contribution statement.
Nixon Chan, head of business banking, said: “We are making it easier for SMEs to obtain the financing they require to support their businesses, particularly now as the Hong Kong economy picks up.”
Source: BCR
