Hang Seng offers 10-second approval for SME guarantee loans

It can grant loans up to HK$8m.

Hang Seng Bank now offers end-to-end digital application and approval journey for the 80% Guarantee Product under the Hong Kong government’s SME financing guarantee scheme (SFGS).

With this, small and medium enterprises (SME) customers can apply and upload supporting documents online and receive an approval-in-principle result in as fast as 10 seconds, for loans up to HK$8m and repayment periods not exceeding 5 years, the bank said.

Hang Seng Bank said it is also streamlining applications for unsecured SME Business Loans, enabling customers to opt in to the use of alternative data through partnerships with electronic payment platform KPay and F&B ordering platform DimOrder.

The maximum loan amount has also been doubled to HK$4m.

For customers who want to avail of the 80% Guarantee Product but need a higher facility or a longer repayment period, Hang Seng Bank offers a general digital loan application process. The maximum facility amount is HK$18m and the maximum guarantee period is up to 10 years for this method.