(6 December 2019) The Hong Kong Association of Banks (HKAB) welcomes the introduction of the new loan guarantee product under the existing SME Financing Guarantee Scheme (SFGS) administered by HKMC Insurance Limited (HKMCI), which provides 90% guarantee for approved loans taken out by eligible enterprises. This can help those enterprises in need to overcome potential financing difficulties amidst the economic downturn. 

Mary Huen, the Chairperson of the HKAB says: "The banking industry has been proactively communicating with SMEs since the start of the year. We understand that the operating environment of SMEs is very challenging amidst the current economic downturn. Therefore, some of the banks have introduced various measures to support the SMEs and participated in the Banking Sector SME Lending Coordination Mechanism established by the Hong Kong Monetary Authority. We will continue to support the financing guarantee products of the SFGS, and stand shoulder to shoulder with our SME clients to ride out the current difficult times."  

The Hong Kong Association of Banks
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