On Apr. 28, HKMA launched scheme for cross-border transport trade.
HKMA said HKMC Insurance Limited announced the launch of a dedicated 100% loan guarantee scheme for cross-boundary passenger transport trade and travel sector.
Follows HKMA Apr. 2021 re policy intent for personal loan guarantee, see #103317.
Schemes
10 lending institutions have joined the scheme, including Bank of Communications, Bank of China, China CITIC Bank International Limited, Hang Seng Bank and HSBC.
Eligible operators, registered vehicle owners or ferry owners of cross-boundary passenger transport can apply loans for vehicle or ferry repair and maintenance.
Eligible licensed travel agents, local tour bus operators/registered owners can apply for loan for resolving short-term funding difficulties and hiring staff as soon as practicable.
Term loan for maximum term of 10 years; interest rate is prime rate minus 2.5% p.a..
Effectiveness
Application period of the schemes is 6 months from the launch date on Apr. 29, 2023.
Oct. 2023 Deadline Extensions
On Oct. 27, 2023, HKMA said HKMC extended application period for 2 loan guarantee schemes, the application period has been extended by six months to Apr. 28, 2024.
Apr. 2024 Application Period Extended
On Apr. 23, 2024, HKMA stated HKMC Insurance Limitedextended the application period for the two loan guarantee schemes above, by six months, to Oct. 28, 2024
