Fusion Bank unveils business loans with up to $5m financing

One loan is for businesses at least three years old.

Tencent-backed Fusion Bank has launched business loan services.

The virtual bank offers two loan products: the Business Installment Loan “365” and the Start-Up Loan “162” with the aim of helping small and medium enterprises (SMEs) enhance cash flow. 

The Business Installment Loan “365” is available to companies with an operational history of 3 years or above. Clients are required to provide 6 months of bank statements to qualify for a loan of up to HK$5m.

Companies operating for a minimum of 1 year can avail of the Start-Up Loan “162”, and can get a loan of up to HK$2m. 

Both products are eligible for the “80% guarantee product” and the 90% guarantee product under the SME Financing Guarantee Scheme of The Hong Kong Mortgage Corporation Insurance Limited, Fusion Bank said in a press release.

All of Fusion Bank’s business banking clients, regardless of loan size, will reportedly receive assistance from a dedicated relationship manager throughout the entire process.

Approval process can be completed in as fast as 3 days, Fusion Bank said. 

Handling fee for the applications of the Business Instalment Loan "365" and Start-Up Loan "162" are fully waived.