Hang Seng Bank unveils HK$33b SME Power Up Fund
Products include an SME Financing Guarantee scheme and non-collateralized loans.
Hang Seng Bank has unveiled its HK$33b SME Power Up Fund, aimed for the growth and development of Hong Kong’s small and medium-sized enterprises (SMEs).
Loan offerings include an 80% and 90% guarantee product under the SME Financing Guarantee Scheme, an Innobooster loan, trade finance, revolving loan, and environmentally friendly options such as the SME green loan and social loan.
As the city’s largest local bank, Hang Seng Bank serves about a quarter of local SMEs. Over half of these have been customers of the bank for over a decade, and more than 60% of new customers are start-up ventures.
Regina Lee, Head of Commercial Banking of Hang Seng Bank, said, “The HKD 33 Billion SME Power Up Fund is our tangible commitment to SMEs, structured to complement the government’s supportive measures highlighted in the recent budget. Our goal is to empower SMEs, supporting economic growth across Hong Kong,” said Regina Lee, haed of commercial banking of Hang Seng Bank.
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Hang Seng Bank has also launched a series of support features for SMEs, such as the SME Loan Hotline (2198 8033), and an updated online loan application platform. This makes Hang Seng Bank the first bank in Hong Kong to provide commercial customers with a fully digital loan application process.
The upgraded online platform notably features digital ID verification and e-Sign services, ensuring a quick and convenient experience from loan application to disbursement.
Hang Seng is also offering pre-approved SME Business Loan to about 8,000 existing customers. This streamlined service does not require collateral or financial statements and can facilitate loan disbursement within as few as five days.
Other SME customers can apply for loans through the Hang Seng business online application platform and receive approval-in-principle result in as fast as 10 seconds.