On Mar. 28, HKMA introduced several measures to support SMEs.
HKMA and the Banking Sector SME Lending Coordination Mechanism introduced 9 measures to support SMEs in obtaining financing, to support their development.
Follows HKMA Feb. 2024 said application period extended to Mar. 31, 2026, #133794.
Measures
Never demand early repayments from mortgage customers who repay on schedule.
Give customers a transition period of at least 6 months for credit limit adjustments.
Expedite the handling of applications for SME financing guarantee scheme products.
Sympathetic consideration for SMEs facing challenges, including loan restructuring.
Offer credit products that better serve SMEs’ needs and other support services.
Consider lowering interest charges and fees for SMEs in need, provide transparency.
Set up a one-stop platform for providing information on banking services for SMEs.
Provide convenience to customers to switch lending banks through data sharing.
Regular meetings between banks and business sectors to understand SMEs' needs.
Apr. 2024 Eddie Yue Comments
On Apr. 22, 2024, HKMA shared comments of Eddie Yue, Chief Executive, re support to SMEs, in view of changes in local consumer, tourist spending patterns during Easter.
Nine support measures for SMEs were announced before the Easter holiday, with banks implementing fee waivers and launching unsecured loan products for SMEs.
Participating banks will utilize commercial data from the commercial data interchange to tailor credit products for SMEs, particularly those without property collateral.
Highlighted launch of one-stop SME information platform providing details on SME lending services offered by major banks, to facilitate comparison/choice of products.
In Aug. 2024, HKMA, HKAB set up joint taskforce on SME lending, see #223825.
