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SME Financing Guarantee Scheme

The SME Financing Guarantee Scheme (“Scheme”) was launched on 1 January 2011 by The Hong Kong Mortgage Corporation Limited (“HKMC”). Since 1 May 2018, the Scheme business has been transferred to and carried on by HKMC Insurance Limited (“HKMCI”), a wholly-owned subsidiary of the HKMC.

Objective and Guarantee Coverage:
The Scheme aims at helping local small and medium-sized enterprises (“SMEs”) and non-listed enterprises to obtain financing from participating lenders for meeting their business needs so as to enhance their productivity and competitiveness in the rapidly changing business environment. Under the Scheme, the HKMCI may provide guarantee coverage of 50%, 60% or 70% to the credit facilities of eligible enterprises approved by participating lenders.

90% Guarantee Coverage under the Scheme (“90% Guarantee Product”):
With the approval of the funding by the Finance Committee of the Legislative Council on 6 December 2019, the 90% Guarantee Product under the SFGS has been introduced on 16 December 2019. The 90% Guarantee Product aims at providing additional support to smaller-sized enterprises, businesses with relatively less operating experience, as well as professionals seeking to set up their own practices, to obtain financing. The application period will last until end-June 2022. Guarantee Fee Concessions and Further Concessions in Guarantee Fee apply to the 90% Guarantee Product as well.

Special 100% Loan Guarantee under the Scheme:
The Financial Secretary announces on 26 February 2020 that the HKMCI will introduce special 100% Loan Guarantee under the SME Financing Guarantee Scheme. The new measure aims to alleviate the burden of paying employee wages and rents by small and medium-sized enterprises which are suffering from reduced income, thereby help minimise enterprise shutting down and layoffs. HKMCI is actively undertaking the preparatory work with the lending institutions, and will announce the details once finalised.

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