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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Mortgage Corporation Limited (HKMC) today (June 26) announced a number of new enhancements to the Microfinance Scheme (MFS) and extended the MFS for a further term of 3 years to June 28, 2018. The following enhancements to the MFS will come into effect on June 29, 2015:
1) The aggregate lending amount cap of the MFS will be expanded by HK$100 million to HK$200 million;
2) The maximum loan amount of a Self-employment Loan will be increased from HK$200,000 to HK$300,000, which is aligned with that of the Micro Business Start-up Loan under the MFS;
3) The maximum number of co-borrowers is increased from 2 to 3; and
4) Existing or former borrowers of Micro Business Start-up Loan or Self-employment Loan who have/had maintained their existing or former loans for at least two years and a satisfactory repayment record under the MFS can apply for a new loan with a maximum loan amount of HK$600,000 (including the existing outstanding MFS loan, if any) at a lower interest rate ceiling of 8 per cent per annum.
The updated leaflet and information pack of the MFS will be posted on the HKMC website (www.hkmc.com.hk) on June 29, 2015 for public information. For enquiries, please call the MFS Hotline: 2536 0707.
Ends/Friday, June 26, 2015
Issued at HKT 16:32
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