Fusion Bank, a virtual bank backed by Chinese tech giant Tencent, has launched new business loan services aimed at supporting small and medium-sized enterprises (SMEs) and startups.

The bank offers two loan products, the Business Instalment Loan “365” and the Start-Up Loan “162”, providing flexible financing options with loan amounts up to HKD 5 million.

The Business Instalment Loan “365” is designed for companies with at least three years of operation, requiring only six months of bank statements for a loan application of up to HKD 5 million.

Meanwhile, the Start-Up Loan “162” caters to businesses operating for at least one year, with a maximum loan amount of HKD 2 million also requiring 6 months of bank statements. Fusion Bank does not require any collateral for these loans.

Both loan products are eligible for the “80% Guarantee Product” and “90% Guarantee Product” under the SME Financing Guarantee Scheme of the Hong Kong Mortgage Corporation Insurance Limited.

Fusion Bank said that it will provide all business banking clients with support from a dedicated relationship manager, regardless of loan size.

The approval process for these loans can reportedly be completed in as fast as three days.

To further support SMEs, the bank is waiving the handling fee for applications for both loan products.

Jared Shu, Executive Director and Chief Executive of Fusion Bank, said,

“SMEs are the bedrock of Hong Kong’s economy. We fully understand the challenges they are facing in the current business environment and are committed to inject more momentum into their development.

Leveraging our fintech capabilities, our newly launched business loan services not only enable SMEs to access financing more efficiently, but also allow them to navigate through operational challenges with greater ease and seize new growth opportunities.”

Featured image credit: Edited from Freepik