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Many banks and lending companies in Hong Kong such as Hang Seng Bank, Bank of China, HSBC, Standard Chartered and DBS offer loans to small and medium enterprises (SMEs). In addition to the information of the applicant/ guarantor, you also need to submit the following information to support your loan request, including your company information such as name, registered address and business identification type and number. You might also need to prepare financial statements, Updated interim management accounts as well as information about your security.
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Apart from prior years' financial statements, you should also include other financial information such as projections for future cash flow, profits as well as any information that can prove the fiscal soundness of your business. You should not hide unfavorable information because your credibility will be affected if the lending institutions discover any undisclosed negative information. In addition, banks might require a personal guarantee from SME owners. You can also pledge an asset you own against the loan facility which is usually charged a lower interest rate than an unsecured loan facility. In addition, you may consider applying for the SME Loan Guarantee Scheme (SGS) which provides loan guarantee to small and medium enterprises (SMEs) to help them secure loans from the participating lending institutions such as Bank of China, CCB, Hang Seng Bank, Standard Chartered Bank, BEA and HSBC.
Besides the interest and handling fee, you might also have to pay additional costs such as service fee, special administration fee, overdue handling fee and interest and early repayment fee, depending on the loan amount and repayment period.
Every company needs funding for cash flow, operations, equipment, expansion, etc. A business loan is specially designed for companies to meet financial needs, bringing loans with high loan amounts, flexible repayment periods, and even unsecured loans and SME loans for companies to bring immediate solutions to capital needs. Please note that SMEs in Hong Kong refer to manufacturing businesses employing less than 100 people and non-manufacturing business with less than 50.
There are plenty of business loans, and each one of them meets different needs, making the choice of the best loan a very confusing task. Before applying for a loan, you should first identify the company's financial needs, like how much and how long do you need to borrow, how quickly do you need the money, and the company's repayment ability; and then you have to compare the interest rates, type of loan(e.g. Instalment or revolving loan), loan term, repayment period, approval time and handling fees of various loans. Moreover, some banks have regular promotions to offer cash rebates and attractive interest rates, don't miss this opportunity if you hope to earn more. Please note that some loans require that the company should be operating and registered in Hong Kong for at least one year and have good loan repayment record.

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