Missing supporting documents for the Special 100% Loan Guarantee application? | Article – HSBC VisionGo

If you are an eligible applicant but not sure if you have all supporting documents required, this article offers several solutions to help.

Finance  ·    ·  3 mins read

SFGS100

Missing supporting documents for the Special 100% Loan Guarantee (SFGS 100) application? Read this. 

The Special 100% Loan Guarantee (SFGS 100) is a comprehensive financing package introduced by the Hong Kong government to cushion the blow from COVID-19 on small and medium-sized enterprises (SMEs). The scheme offers relief measures such as a standard interest rate (current interest rate is at 2.75%) and a maximum principal moratorium up to 12 months to help SMEs alleviate their immediate financial burden during these challenging times. 

If you are an eligible applicant but not sure if you have all supporting documents required, this article offers several solutions to help. 

For those who want to first know more about the Special 100% Loan Guarantee (SFGS 100), read: What is the SME Financing Guarantee Scheme – Special 100% Loan Guarantee?

Part 1: Documents showing a 30% drop in sales turnover

To fulfil the eligibility of applying for the Special 100% Loan Guarantee (SFGS 100), applicants need to provide bank statements to show evidence of at least a 30% decline in sales turnover in any month since February 2020, compared with the monthly average of any quarter in 2019. Below are some scenarios that applicants may encounter when preparing the bank statements.

1. If I have multiple bank accounts at different banks, do I need to collect all bank statements?

It is not necessary to do so, as long as applicants can use their bank statements to show that they have suffered at least a 30% drop in sales turnover in any month since February 2020, compared with the monthly average of any quarter in 2019. If applicants have more than one main bank account, they can submit bank statements from up to 3 banks.

2. I cannot provide bank statements to evidence a 30% drop in sales turnover, or my main bank account cannot be used as proof of sales turnover drop. Can I still apply for the Special 100% Loan Guarantee (SFGS 100)? 

Yes, you can. Aside from using bank statements to show evidence of a 30% drop in sales turnover, other combinations of supporting documents below are acceptable: 

  1. Management Accounts showing monthly or quarterly turnover and certified by the sole proprietor, a partner or a director.
  2. Audited financial statements for the financial year ended on 31 March or 30 June 2019 may use the monthly average of the annual sales turnover as a proxy if the applicants confirm in wiring that such monthly average is a reasonable proxy of its sales turnover in the first quarter or second quarter of 2019.

The combination of supporting documents required as evidence of the drop in sales turnover depends on the circumstances of individual cases, and applicants are recommended to consult their relationship manager or contact banks for further details. 

3. If I use bank statements to evidence the drop in sales turnover, is it necessary to be exactly a calendar month, which means the period from the first date of one month to the last date of the same month?

It is not necessary to be exactly a calendar month. Applicants may refer to the monthly bank statements issued in the three calendar months in the same quarter. 

For example, if an applicant uses its sales turnover during the first quarter in 2019 for comparison, the bank accepts bank statements issued on statement dates in January, February and March 2019 to calculate its sales turnover. 

Part 2: Documents for calculation of maximum loan amount

The maximum amount of the loan from the Special 100% Loan Guarantee (SFGS 100) is the total amount of employee wages and rents for six months, or HK$4 million, whichever is lower. For applicants who have trouble providing proof of wages or rental payment, read the below.

4. I am a business owner, can I include my wages in calculating the maximum loan amount? 

Yes, applicants can include the employer’s MPF mandatory contribution as part of the wages in calculating the maximum facility amount. 

5. I hire only freelance or part-time employees, and I cannot provide proof of salary expenses. Will this impact the calculation of the maximum loan amount? 

General speaking, all wages must be evidenced by MPF contribution. But for non-regular employees like employees aged above 65 or employees who have been employed for less than 60 days, proxy approaches such as salary auto-pay records are acceptable. 

For more details of “non-regular employees”, please refer to the website of

MPFA: https://www.mpfa.org.hk/eng/information_centre/faq/employee/mpf_employee/index.jsp.

6. Can commission be included in wages for the calculation of the maximum loan amount? 

Yes, it can. The provided commission is included as “relevant income” in assessing MPF contribution by the employer. Applicants may refer to the MPF statement, and if it is listed there, then it is included in the calculation of the wage. 

7. My company does not have employees and does not rent an office, is it eligible for the Special 100% Loan Guarantee (SFGS 100)? 

Yes, you still are an eligible applicant . The maximum loan amount can be calculated by half of the maximum monthly net-income in 2019 multiplied by 6 (i.e. six months).

In this case, applicants need to provide either one of the following:

  1. Bank account’s statement(s) from up to 3 banks in 2019 for the highest net monthly income; or
  1. Management accounts showing monthly net income for the calculation and certified by a director, sole proprietor or a partner.

Part 3: Others

8. I need further assistance when preparing for the application. What should I do?    

A series of webinars will be held on HSBC VisionGo for interested SMEs to gain further understanding of the Scheme and its application process. SMEs will be able to have a virtual consultation and walk through the process anywhere at their convenience. 

On HSBC VisionGo, you may also find lots of useful resources such as 


Reminder: "To borrow or not to borrow? Borrow only if you can repay!" 
HSBC reserves the final decision on application approval. Please refer the terms and conditions of the application form.




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