Hang Seng Bank has unveiled the HK$33 Billion SME Power Up Fund, a strategic initiative to support the growth, cross-boundary development, and sustainable progression of Hong Kong’s SMEs.
As Hong Kong’s largest local bank, Hang Seng serves nearly a quarter of local SMEs. Over half of its SME customers have sustained partnerships exceeding a decade, and more than 60% of new customers are start-up ventures.
Hang Seng has gained deep insight into the trials SMEs confront in the post-pandemic environment through direct engagement with clients across various industries. These challenges range from inadequate cash flow, hard-to-regain business momentum, escalating operational expenses, the necessity for eco-friendly practices, and aspirations to grow within the Greater Bay Area.
In response to the feedback gathered from diverse business sectors, Hang Seng has allocated HK$33 billion for the establishment of the SME Power Up Fund. This move is a proactive step that corresponds with the Hong Kong government’s supportive measures for SMEs.
Regina Lee, head of commercial banking of Hang Seng Bank, said, “As Hong Kong’s largest local bank, Hang Seng has a deep-rooted network and rich experience in nurturing SMEs. In the face of the intricate and dynamic business climate, it’s imperative for enterprises to not only adapt to new challenges but also enhance their sustainable practices.
“The HK$33 Billion SME Power Up Fund is our tangible commitment to SMEs, structured to complement the government’s supportive measures highlighted in the recent Budget. Our goal is to empower SMEs, supporting economic growth across Hong Kong.”
The SME Power Up Fund includes an array of diversified loan offerings, including products like the 80% and 90% guarantee product under the SME Financing Guarantee Scheme, alongside specialised products such as Innobooster loan, trade finance, revolving loan, and environmentally friendly options like the SME green loan and social loan. A key component is the SME Business Loan, tailored to address the diverse financial requirements of SMEs.
To complement the diverse loan options within the SME Power Up Fund, Hang Seng has introduced a series of supporting services, boosting its digital capabilities to enhance customer accessibility and convenience.
In addition to the SME Power Up Fund, Hang Seng actively supports government and regulatory measures to assist SMEs. The Bank has taken steps to offer flexible payment options including partial principal repayment arrangement. At the same time, Hang Seng is engaging in pilot programmes like the Commercial Data Interchange and Interbank Account Data Sharing, allowing for streamlined data sharing among industry peers with customer consent, enhancing the overall banking experience for all.
