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Thursday, November 8, 1973
MODIFIED LOAN SCHEME TO STIMULATE INDUSTRIAL DEVELOPMENT
A modified loan scheme open to the vast majority of manufacturing
concerns in Hong Kong was announced to-day (Thursday, November 8) by the
Commerce and Industry Department.
The aim of the scheme is to stimulate industrial development by
making loans available to buy new machinery and equipment.
"We have taken a fresh look at the original terms of the Loans
for Small Industry scheme, and modified procedures will come into immediate
effect," said Ir. Roy Porter, Assistant Director (Industry).
"The changes which have been made are quite minor but it is hoped
that they will nevertheless provide some new incentive to industrial
concerns to seek funds for modernising their factories, increasing their
efficiency and boosting their productive capacity."
The revised scheme has been drawn up on the advice of Loans for
Small Industry Committee and after consultation with the Trade and Industry
Advisory Board.
It is open to factories employing not more than 200 workers and
having not more than $1 million in proprietors' funds.
This means in effect that 97 per cent of Hong Kong's industrial
undertakings, of which there are more than 22,000, will be able to apply
for loans.
The minimum loan amount has been lowered to $30,000 to meet the
needs of smaller factories which require less expensive equipment and machinery.
The upper loan limit remains unchanged at $250,000.
/The range