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| Hong Kong 's Special Loan Guarantee Scheme Extended |
by Mary Swire, Tax-News. com, Hong Kong
Friday, October 30, 2009
Hong Kong’s Trade and Industry Department has announced that the special
loan guarantee scheme’s application period will be extended for six more
months, to June 30, 2010.
The government's total loan guarantee commitment under the scheme will remain
at HKD100bn (USD12.9b). So far, it has been disclosed, 46 participating lending
institutions have joined the scheme. The department has approved 22,341 applications
involving a total loan amount of HKD53.5bn.
The applications approved cover a wide spectrum of companies and industries
in the manufacturing and non-manufacturing sectors. These firms hire more than
250,000 employees and 95% of the beneficiaries are small and medium enterprises.
According to the Trade and Industry Department, as the economic outlook in the coming months remains uncertain,
it is necessary to extend the scheme for another six months to provide continued
support for local companies. The application period was scheduled to end on
December 31.
Under the scheme, the Government provides an 80% guarantee ratio for loans
with a repayment period of up to five years, granted by the participating institutions,
in order to help with liquidity problems.
The personal guarantee is required
of the enterprise owner or, in the case of a limited company, shareholders together
holding more than 50% of the equity interest of the enterprise; the enterprise
must have no outstanding default; and the loans should not be used for repaying,
restructuring or repackaging other loans.
The maximum loan amount for each enterprise is HKD12m, out of which up to HKD6
million can be used as a revolving credit line. With the exception of listed
companies, all registered companies with substantive business in Hong Kong which
has been operating for more than one year as at December 15, 2008, are eligible
to apply.
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