Secretary for Economy calls on banks to extend flexible loan repayment plans for SMEs

 The Secretary for Economy and Finance, Tai Kin Ip, has encouraged banks to continue offering flexible loan repayment plans to ease financial pressures on small and medium-sized enterprises (SMEs).

Tai conveyed this message during a meeting with the Macau Association of Banks on Wednesday, urging the association to share this recommendation with the city’s banks.

“Regarding the ‘interest-only payments without principal repayment’ measure, which has drawn the sector’s attention, the Secretary stated that banks, in line with their own credit policies, may continue to offer their clients flexible loan repayment plans to ease financial pressures on SMEs,” a press release issued by Tai’s office stated.

This comes as Macau’s non-performing loan ratio reached 5.5 per cent in November 2024, the highest level since August 2004. Official figures also show that the outstanding balance of delinquent loans and its ratio among SMEs have reached the highest level on record since 2008, the earliest available data provided on the city’s de facto central bank website.

The Secretary also emphasised that, to better support SME development, authorities are actively planning projects aimed at stimulating the local economy, which will be announced in due course.

Earlier this month, the newly appointed Director of the Economic and Technological Development Bureau (DSEDT), Yau Yun Wah, visited several business associations, stating that the bureau will closely monitor Macau’s economic trends and support SMEs and community economic development.

Local SMEs, particularly those located outside the city’s main tourist areas, have been struggling in the post-pandemic period due to a downturn in consumption. Small businesses have been affected by factors such as the ‘Northbound Travel for Macau and Hong Kong Vehicles’ scheme and the depreciation of the yuan’s exchange rate.

Macau’s new Chief Executive, Sam Hou Fai, has stated that his administration will focus on improving governance efficiency and supporting the city’s SMEs.

https://www.macaubusiness.com/secretary-for-economy-calls-on-banks-to-extend-flexible-loan-repayment-plans-for-smes/


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