Bank softens costs for small business

Wednesday, August 28, 2019

The Hongkong and Shanghai Banking Corporation announced today three new measures that aim to help small and medium-sized enterprises tackle challenges resulting from the trade and retail sales slowdown.

The measures include interest rebate and subsidy extension for government SME loan schemes, and PayMe for Business transaction fee reduction.

HSBC is offering a six-month interest rebate (March to August) on loans approved under the SME Financing Guarantee Scheme or SME Loan Guarantee Scheme. No application is needed.

Interest will be rebated to HSBC Commercial Banking customers by end of September.

The interest rebate is capped at HK$20,000 per customer.

HSBC is also offering a full subsidy for the first year and 50 percent subsidy for the second year on guarantee fee for new application of SFGS is extended to June 30, 2022. The subsidy is capped at HK$50,000 for each borrower.

Lastly, PayMe for Business customers will enjoy a 50 percent reduction of transaction fee from 1.5 percent to 0.75 percent per transaction from September 2 to December 31.