Uncertainty prompts BEA to support SpGS extension

BEA welcomes the HKSAR Government’s six month extension of the application period for the Special Loan Guarantee Scheme. It will be extended up 30 June 2010. The HKSAR Government's total loan guarantee commitment under the SpGS will remain at HK$100 billion or US$12.8 billion.

Bank of East Asia's existing personal and corporate customers will receive supermarket cash coupons worth HK$300 or US$38.7 when their business referrals successfully obtain a loan from BEA under the SpGS by the end of this year.

First launched in December 2008, the SpGS is a funding scheme designed to help Hong Kong enterprises secure financing for their business operations.

"In view of the uncertain economic outlook for the first half of 2010, we at BEA welcome the HKSAR Government’s decision to extend the SpGS application period for another six months," said Mr. Adrian M.K. Li, BEA’s Deputy Chief Executive.

"This measure will help ensure that Hong Kong companies, particularly SMEs, can receive the financial assistance they need to grow their businesses," commented Mr. Li. SMEs are the backbone of the local economy, and their health is an important indicator of Hong Kong's prosperity and future growth. "For more than 90 years, BEA has been dedicated to serving locally-owned enterprises and our continued support of the SpGS reflects our unwavering commitment to the local business community," Mr. Li added.