HSBC offers financing scheme for HK SMEs to hire staff

HSBC has encouraged small and medium-sized enterprises (SMEs) in Hong Kong to hire staff through its recently launched HKD40bn (USD5.1bn) financing scheme with cash rebates. Hong Kong’s biggest lender said that small businesses that successfully apply for a loan through the scheme will get up to HKD20,000 in cash. This includes a two-month interest rate rebate of up to HKD10,000 and HKD1,000 in cash for every new member of staff hired, up to a maximum of 10, during a defined period. The incentives scheme is open to all new or existing HSBC customers from today until the end of the year. There are more than 340,000 SMEs in Hong Kong providing over 45% of private sector jobs. HSBC offered a separate HKD40bn financing scheme to support the SMEs last year.