New Support Measures Launched Due to COVID-19
The Hong Kong Export Credit Insurance Corporation (HKECIC) is launching new support measures regarding the liquidity of SMEs in Hong Kong.
The new support measures are for the exporters in Hong Kong. This is in light of the COVID-19 pandemic. The support measures will be effective until 1 April 2020. A 100% Credit Limit Top-up Scheme has been announced as well. This will increase the credit limit of the policyholders. It will be subject to eligibility.
The HKECIC’s Support SMEs in Hong Kong
The HKECIC’s support measures are related to the liquidity of SMEs. Like the SME Financing Guarantee Scheme, for example. The scheme is focused on helping SMEs primarily and non-listed enterprises. With the scheme, it will be easier to obtain financing if you meet the requirements.
The banking industry is also providing coordinated support relating to SME liquidity in Hong Kong. The Banking Sector SME Lending Coordination Mechanism was established in 2019 by the Hong Kong Monetary Authority (HKMA). This platform helps to formulate solutions for SME support. The HKMA is set to introduce a series of measures. These will be aimed at increasing liquidity in the banking sector. This should enable banks to have the means for ample lending support.