Hong Kong SMEs Report Stable Credit Conditions in Q3 2025, Says HKMA

The Hong Kong Monetary Authority (HKMA) released the results of its latest survey on the credit conditions of Small and Medium-Sized Enterprises (SMEs) for the third quarter of 2025. The findings indicate that credit conditions remained broadly stable, albeit with a slight shift in SMEs' perception of banks' credit approval stances.

Perception of Credit Approval Stance

According to the survey, 59% of SME respondents perceived a "similar" or "easier" credit approval stance compared to six months ago, a decrease from 65% in the previous quarter. Meanwhile, 41% of respondents felt that the credit approval stance had become "more difficult," up from 35% in the second quarter. The HKMA noted that these perceptions might not necessarily reflect actual difficulties, as various factors, such as media reports and business conditions, could influence them.

Existing Credit Lines and New Applications

Among SMEs with existing credit lines, 3% reported a "tighter" stance from banks, compared to 1% in the previous quarter. This tightening could include measures like reducing credit lines, raising interest rates, or imposing additional collateral requirements. However, this does not directly indicate a reduced supply of credit to SMEs.

The survey also assessed new credit applications, revealing that 2% of respondents applied for new bank credit during the quarter. Of those who knew their application outcomes, 72% reported fully or partially successful applications, an increase from 67% in the previous quarter.

Survey Methodology and Considerations

The HKMA, in collaboration with the Hong Kong Productivity Council, conducts this quarterly survey to monitor SMEs' access to bank credit. Approximately 2,500 SMEs from various sectors are surveyed to provide insights from a demand-side perspective. The findings should be cautiously interpreted due to the small sample sizes and potential sentiment shifts during the survey period.

For more detailed tables and technical information, readers can access the complete survey results on the HKMA website.