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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Mortgage Corporation upgrades SME scheme

The SME Financing Guarantee Scheme will encourage banks to use the programme to help small and medium enterprises.

The improvements include:
* increasing the general interest rate limit for SFGS-guaranteed facility from 8%-10% to 10%-12%;
* increasing the limit of high interest rate loans from $50 million to $100 million per bank; and,
* allowing drawdown of all types of revolving facilities to be done in both Hong Kong and foreign currencies.

Mortgage Corporation Executive Director and Monetary Authority Deputy Chief Executive Peter Pang said the enhancements will further boost the scheme's flexibility and help banks provide stronger fund support for small and medium enterprises.

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