HK Chief Executive Accepts Recommendations of SME Funding Schemes

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Last updated at: (Beijing Time) Sunday, December 15, 2002

HK Chief Executive Accepts Recommendations of SME Funding Schemes

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Tung Chee Hwa, chief executive of the Hong Kong Special Administrative Region (SAR), Saturday announced his decision to accept all the recommendations of the Small and Medium Enterprises Committee (SMEC) on means to further enhance the effectiveness of the current SME funding schemes.

For the SME Business Installations and Equipment Loan GuaranteeScheme, the scope of government's guarantee will be expanded to include working capital loan, in addition to business installations and equipment loan.

The government will also increase the grant for the SME Export Marketing Fund scheme and the SME Training Fund scheme.

A SME may receive a maximum amount of guarantee and grant of 4.07 million HK dollars (521,000 US dollars) under the three improved schemes, compared to 1.025 million HK dollars (131,000 USdollars) under the existing schemes.

A spokesman for the commerce, industry and technology bureau said: "We are grateful to the SMEC for its proposed improvement measures, to the SME funding schemes which we believe would meet the needs of SMEs more fully and effectively."

The SMEC welcomed the chief executive's decision to accept all the recommendations.

Chairman of the SMEC Chan Wing-kee said the committee is pleased that the chief executive has accepted all the recommendations.

"In the coming few months, we will continue to work closely with the government to work out the implementation details, with aview to implementing the improvement measures as early as possible," he said.

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