SBC announced its plan to aid small Hong Kong companies amidst the economic disturbance in the city.
After several months of demonstrations and mass protests, with some even led to the arrest of several protesters, Hong Kong’s economy faces a tremendous economic slump as retail markets, local tourism, and even airways were adversely impacted.
A six-month interest rate rebate on loans approved under official financing and loan guarantee for small and medium enterprises as well as subsidies for applications for the financing guarantee scheme is what HSBC said it would offer to Hong Kong firms.
Reductions in transaction fees for businesses using HSBC’s mobile payment services can also be of aid to them.
Last week, the Hong Kong Retail Management Association asked landlords to lessen rents for six months.
The association also warned the 8,000 businesses in Hong Kong under their management that the protests upsurge in the city will force a recession.