SMEloan gets credit facility

SMEloan gets HK$600 million credit facility from Standard Chartered Bank.
SMEloan Hong Kong has become the first e-financial company in Asia to obtain a HK$600 million $76.9 million loan led by Standard Chartered Bank and backed by a surety bond from Centre Solutions Asia Limited.

SMEloan, which was formed earlier this year with $30 million in funding from venture capital company Whitney Co., provides credit to small and medium sized companies that have traditionally had difficulty raising working capital loans from lenders. SMEloan originates and services the capital it loans using a proprietary internet platform.

Hong Kong has more than 290,000 small to medium-sized enterprises, which account for 98% of businesses and employ about 60% of the workforce, according to...

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