On October 18, the Hong Kong Monetary Authority (HKMA) and the banking sector announced new measures to support the development of small and medium-sized enterprises (SMEs). Since March, around 20,000 SMEs have benefited from HKMA’s nine support measures, with a total credit limit exceeding HK$44 billion. The HKMA plans to implement five key initiatives, including lowering the countercyclical capital buffer to enhance SME financing, allocating over HK$370 billion in dedicated loan funds, launching new credit products, offering flexible repayment options, and strengthening the SME Financing Guarantee Scheme. These efforts aim to assist SMEs in adapting to economic changes and enhancing their competitiveness.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241018-4/