Hong Kong’s virtual bank ZA Bank is offering a financing guarantee facility of up to HKD 18 million called “ZME $18M Loan”.
The product is a business revolving loan under the SME Financing Guarantee Scheme (SFGS) launched by the HKMC Insurance Limited (HKMCI).
This follows the launch of “ZME Revolving Loan” last month, allowing ZA Bank Business Banking to further provide small and medium-sized enterprises (SMEs) with customised loan products and services, and get them through operational challenges under the campaign “$18M hassle free financing”.
“ZME $18M Loan” is an “80% Guarantee Product – Revolving Loan” under the SFGS with a loan amount of up to HKD 18 million.
Applications for “ZME $18M Loan” are not limited to specific industries, thereby addressing SMEs’ financing needs for real.
Repayment plans are also more customised and flexible, as “ZME $18M Loan” allows room for SMEs to manage their finance based on actual fund usage without any interest charges for the unused limit.
“ZME $18M Loan” seeks to help SMEs save financing costs with an Annualised Percentage Rate (APR) as low as 2.75%. To further ease the burden on SMEs, ZA Bank will introduce the following promotional offers to users who successfully open an account and apply for “ZME $18M Loan”.
This will be done by ZA Bank fully subsidising the guarantee fee if users repay the loan on schedule within one year 2.
Additionally, SMEs which successfully open an account will be exempted from handling fees for all inward transfers throughout 2021.
Rockson Hsu
Rockson Hsu, CEO of ZA Bank said,
“We decided to roll out ‘ZME $18M Loan’ of up to HKD 18 million for all local SMEs, one month after the official launch of our Business Banking.
With this new offering under the tagline ‘$18M hassle free financing’, we hope to provide a relief to SMEs in terms of funding and help them focus on capturing growth opportunities in times of adversity.”
Featured image credit: Screengrab from ZA Bank
