Microfinance Scheme

Target Industry:

All

Purpose:

The Hong Kong Mortgage Corporation Limited ("HKMC") launched the Microfinance Scheme ("the Scheme") in collaboration with banks and non-governmental organisations ("NGOs") in June 2012. The Scheme aims to offer Micro Business Start-up loan and Self-employment loan to assist people who wish to start their own businesses and become self-employed. The Scheme will provide supporting services including mentorship and entrepreneurial training to business starters and self-employed persons on a need basis in order to enhance their ability in running business and also help them to resolve problems in their daily business operations

Eligibility:

1) Individual aged 18 or above and holder of Hong Kong Identity Card (with the right of abode, right to land or right to stay in Hong Kong without restrictions) or a One-way Permit

2) Not subject to any bankruptcy order or proceedings at the time of application

3) Business may be conducted in the form of sole-proprietorship, partnership or limited company incorporated in Hong Kong

4) If the business is owned by more than one person, all partners and business owners must be co-borrowers (The maximum number of borrowers is three)

* Micro Business Start-up loan:For the purpose of establishing a new business or conducting an existing business which has been established for less than 5 years (counting from the date of the first business registration)

^ Self-employment loan:For conducting a self-employment business

Support/Funding Details:

a) Micro Business Start-up loan: Aims to assist people who wish to start their own businesses, the maximum loan amount is HK$300,000

b) Self-employment loan: Aims to assist people who wish to become self-employed, the maximum loan amount is HK$300,000

* Interest Rate: Not higher than 9% per annum or 8% per annum if a satisfactory third-party guarantee is provided

** Loan Tenor: 1 year, 2 years, 3 years, 4 years or 5 years


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