Finance Support Program Launched for Hong Kong SMEs

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Last updated at: (Beijing Time) Tuesday, November 27, 2001

Finance Support Program Launched for Hong Kong SMEs

The Bank of East Asia (BEA) and the Trade Development Council (TDC) of Hong Kong signed a memorandum of understanding Monday to establish the Small and Medium-sized Enterprise (SME) Finance Support Program.

The cooperation between BEA and TDC aims to assist Hong Kong companies, especially SMEs, to enhance their access to commercial financing in support of their business development goals.

According to the program, under the request of its Hong Kong customers or a company registered in its Trade Inquiry Databank, TDC will issue a "Company Trade Promotion Report" or a "Company Information Report" that the company may include with its application for BEA for a bank loan.

These reports are useful in showing the company's background and its past trade promotion activities, hence reflecting the company's prospects in international trade.

BEA will take account of both a company's future prospects and its credit standing when assessing applications for financing.

BEA and TDC will jointly organize a series of seminars for SMEs,offering practical tips on applying for financial support to expand their business.

Speaking at the signing ceremony, David K.P. Li, chairman and chief executive of the BEA, said the Bank of East Asia is proud tobe the first bank to ally with the Trade Development Council to assist Hong Kong SMEs in obtaining financial support.

"Our bank was founded in 1918 with the specific aim of supporting local business. Over the years, we have grown together with Hong Kong companies," he said.

Michael C.C. Sze, executive director of TDC, said the cooperation with the Bank of East Asia adds a new dimension to itsservice and he hopes more SMEs can benefit from the program and enhance their opportunities of success when applying for financialassistance.

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