8 in 10 SMEs say getting credit approval 'easier' in Q1: HKMA

Some, however, perceived the process to be "more difficult."

Eight in 10 (85%) small and medium enterprises (SMEs) in Hong Kong said obtaining credit approval from banks has become "easier" in the first quarter of 2023, data from the city's monetary authority (HKMA) showed.

There are still 15% of SMEs, however, who perceive banks' credit approval stance to be "more difficult." 

HKMA said the perception of a more difficult credit approval stance "may not necessarily reflect actual difficulties faced by SMEs in obtaining bank credit as the perception could be affected by several factors, such as media or news reports, business conditions and opinions of relatives and friends."

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Meanwhile, 79% of SMEs with existing credit lines said banks' stance was "easier" in Q1.