About 90pct of all SME applications to bank credit support scheme approved

The Macau government has approved 90 per cent of all 4,783 applications to its temporary SME subsidy scheme to support bank credit interest payments.

The support scheme allows qualified SMEs access to the loan granted by a bank to respond to the epidemic, up to a maximum credit amount of MOP2 million and with an interest subsidy of up to 4 per cent and a maximum period of 3 years.

According to the Economic Services Bureau (DSE), a total of MOP5.5 billion (US$688.9 million) have been granted in bank loans to support all sectors of economic activity, strengthening liquidity while reducing interest charges, with some MOP340 million in interest subsidies provided by authorities.

The largest beneficiaries from the scheme were SMEs in the retail trade or construction and public works which represented, respectively, 28.2 per cent and 20.2 per cent of the approved requests followed by restaurants (12.6 per cent), and B-2-B SMEs (8.2 per cent).

The application deadline for the support plan will end on September 17.