Hang Seng Bank Launches HK$33 Billion Power Up Fund Aimed at SME’s

Hang Seng Bank announced the launch of the new SME Power Up Fund, a strategic initiative aimed at fortifying the growth, cross-boundary development, and sustainable progression of Hong Kong's small and medium-sized enterprises (SMEs).

As the largest local bank in Hong Kong, Hang Seng plays a pivotal role in serving nearly a quarter of local SMEs, with a substantial portion maintaining enduring partnerships spanning over a decade. Moreover, the bank boasts a significant influx of start-up ventures, comprising over 60% of its new SME customers.

With a dedicated allocation of HK$33 billion, the SME Power Up Fund underscores Hang Seng's proactive stance in tandem with the Hong Kong government's supportive measures for SMEs.

“As Hong Kong’s largest local bank, Hang Seng has a deep-rooted network and rich experience in nurturing SMEs. In the face of the intricate and dynamic business climate, it’s imperative for enterprises to not only adapt to new challenges but also enhance their sustainable practices,” explains Head of Commercial Banking, Regina Lee. “The HK$33 Billion SME Power Up Fund is our tangible commitment to SMEs, structured to complement the government’s supportive measures highlighted in the recent Budget. Our goal is to empower SMEs, supporting economic growth across Hong Kong.”

This initiative comprises a diverse range of loan offerings, including products such as the 80% and 90% guarantee products under the SME Financing Guarantee Scheme. Additionally, specialized products like the Innobooster loan, trade finance, revolving loan, SME green loan, and social loan are included to cater to various financial needs of SMEs, emphasizing adaptability and flexibility.

A notable component of the SME Power Up Fund is the SME Business Loan, structured to address the multifaceted financial requirements of SMEs, further augmenting their growth potential and sustainability.

In a groundbreaking move, Hang Seng has also become the first local strategic partner bank to sign a memorandum of understanding with Cyberport, integrating payment solutions from startups to foster innovation among SMEs. This strategic collaboration aims to empower SMEs with cutting-edge technologies and digital solutions, propelling them towards greater efficiency and competitiveness in today's dynamic business landscape.

For more information, visit the Hang Seng Bank website here.