New Enhancements to the Microfinance Scheme

The Hong Kong Mortgage Corporation Limited (HKMC) today (Friday) announced a number of new enhancements to the Microfinance Scheme (MFS) and extended the MFS for a further term of 3 years to 28 June 2018.  The following enhancements to the MFS will come into effect on 29 June 2015:

1) The aggregate lending amount cap of the MFS will be expanded by HK$100 million to HK$200 million;

2) The maximum loan amount of a Self-employment Loan will be increased from HK$200,000 to HK$300,000, which is aligned with that of the Micro Business Start-up Loan under the MFS;

3) The maximum number of co-borrowers is increased from 2 to 3; and

4) Existing or former borrowers of Micro Business Start-up Loan or Self-employment Loan who have/had maintained their existing or former loans for at least two years and a satisfactory repayment record under the MFS can apply for a new loan with a maximum loan amount of HK$600,000 (including the existing outstanding MFS loan, if any) at a lower interest rate ceiling of 8% per annum.

The updated leaflet and information pack of the MFS will be posted on the HKMC website (http://www.hkmc.com.hk/) on 29 June 2015 for public information.  For enquiries, please call the MFS Hotline: 2536 0707.

The Hong Kong Mortgage Corporation Limited
26 June 2015