The Film Guarantee Fund has approved its latest loan guarantee of $2.375 million for Panorama Distributions Company's film project One Hour Papa - the 10th project approved since the fund was launched in April, 2003.

Citic Ka Wah Bank agreed to provide a facility of $4.75 million for this film project, while the fund will guarantee 50% of the loan.

There are now four outstanding loan guarantees and the fund committed for these cases is $8.875 million.

The Film Guarantee Fund provides loan guarantees to local participating lending institutions that offer loan facilities to film productions that had secured a film-completion arrangement. The maximum loan guarantee for each film is 35% of the production budget or $2.625 million, whichever is less.

All film production companies registered locally that have produced at least two films in the past 10 years for commercial release in Hong Kong before applying for a guarantee under the scheme are eligible to apply. Interested film production companies can submit applications through the local participating banks.

There are nine local lending institutions participating in the scheme. Click here to read the list. Application forms for the fund can be obtained from the Film Services Office, 40/F, Revenue Tower, 5 Gloucester Road, Wan Chai, or downloaded from here.

For enquiries, call 2594 5729 or 2594 5726 or email info@fso-tela.gov.hk.