HKMC unit launches relief measure for SME borrowers
Only interest payments have to be made during the moratorium.
The Hong Kong Mortgage Corporation’s (HKMC) subsidiary HKMC Insurance Limited has launched the 80% Guarantee Product of the SME Financing Guarantee Scheme (SFGS) to provide relief for SME borrowers amidst a weakening cash flow.
The relief measure will allow SME borrowers to apply to their lenders under the SFGS for principal moratorium of up to 6 months which is renewable, subject to a maximum of 12 months in total. During such period, only interest payments have to be made.
The guarantee period can be extended for up to a maximum guarantee period of seven years, with a guarantee fee to be paid to cover the extension.
The measure is applicable to both existing and new SME borrowers under the SFGS, HKMC added.
The measure will last for one year starting 4 September.
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