2. Application and Vetting Procedures
The Applicant(s) must submit the following documents (please refer to Item 3.2 for the submission method):
The viability of the business, the Applicant’(s) determination and ability to start the business, along with the credibility of the Applicant(s), will be vetted by the Youth Business Hong Kong Secretariat. Nominations will then be made towards appropriate Applicant(s) to attend the Vetting Panel interview. YBHK will exercise its discretion in approving the application; approve loan among and supportive service offered with reference to the result of the interview.
Applications will be considered only if all Applicants attend the Vetting Panel interview.
3. Terms and Conditions for Loan and Repayment Arrangement
A maximum of up to HK$150,000 will be provided to each successful application as an interest-free business start-up loan./span>
Terms and amount of repayment will be recommended by the Vetting Panel according to the nature of the business. Generally speaking, the first installment of repayment would begin 6 months after the disbursement of the loan. Repayment will be on a monthly basis and the repayment period will not exceed 24 months.
The successful Applicant(s) must utilize the loan granted by YBHK in accordance with the terms and conditions and purposes as approved. Proof of expenses of the approved loan must be made available to YBHK at anytime.
If the successful Applicant(s) defaults in the repayment of the loan date and in accordance with the terms and conditions herein of any amount outstanding and payable, he/she is liable to pay YBHK an administration fee.
For each successful application, a guarantor is required to give and sign a personal guarantee in favour of YBHK and guaranteeing the repayment of all the outstanding loans which will be made by YBHK.
The successful Applicant(s) must regularly submit business and financial reports of his/her business to YBHK. The successful Applicant(s) should authorize the Secretariat of YBHK to conduct its own investigations into the accounts and information related to financial status of the business. He/She/They must adopt coaching from the mentor and maintain close contact with the Secretariat of YBHK and the mentor.
If there are any changes in the business, type of ownership, shareholding structure of the company, the successful Applicant(s) should give at least two weeks’ notice to the Secretariat of YBHK informing YBHK of the change. In the event that the actual business that is carried out is different from the approved business plan, OR if the loan is not utilized in accordance with the terms and conditions and purpose of the loan, OR if the successful Applicant(s) refuse to submit or submit false business and financial report, OR is involved in illegal or unreasonable business behavior, YBHK will have the right to suspend, terminate the loan and supportive service or modify the terms and conditions of individual loan and supportive service at its sole absolute discretion.
In order to ensure that integrity and accountability are upheld and understood, YBHK reserves the right to take any legal action to make a claim on all default payments.
About the application and submission deadline,, please click here。