Hong Kong's Trade and Industry Department has started accepting applications for the HKD100bn (USD12bn) Special Loan Guarantee Scheme from participating lending institutions from December 15 for six months, it has been announced.
The enhanced scheme is expected to benefit 40,000 companies.
The Chief Executive, Donald Tsang, pledged on December 8 to increase the amount of government guarantee available under the Special Loan Guarantee Scheme from HKD7bn to HKD100bn.
The Legislative Council's Finance Committee went on to approve the scheme on December 15.
The scheme provides a 70% guarantee on the loans granted by lending institutions. The maximum amount each enterprise can obtain is HKD6m, within which HKD3m can be used as a revolving credit line.
The maximum guarantee period for each loan is three years, or up to June 30, 2012, whichever is earlier. A grace period of six months will be allowed, during which the borrower can repay just the interest.
Borrowers have a maximum of 30 months to repay the loans.
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