At the end of February, Hong Kong's minister of finance gave a speech about the 2020-2021 budget in Hong Kong. An important point of note was the proposed relief measures to safeguard jobs and businesses amidst what's been an economically challenging time with the spread of COVID-19.

Among these is a new concessionary low-interest loan under the SME Financing Guarantee Scheme that will be available for the next six months, with a repayment period of up to three years and the loan amount determined by a variety of factors, such as salary and rental expenditure.

What's more, the loan is 100% guaranteed under the scheme for small and medium businesses in all sectors. To be eligible, your business has to have been operating for at least three months as of the end of December last year, and have suffered at least 30% of losses in sales.

The new loan should roll out within a month. In the meantime, you can ring up the scheme's hotline at 2536-0392 with any questions. Watch the Hong Kong Mortgage Corporation's website for further details.