Gov’t lent more than MOP2 bln to SMEs in 2020 – Macau Business

The Macau government has lent more than MOP2 billion (US$249.2 million) to small and medium-sized enterprises (SMEs) in 2020, a year marked by the crisis caused by the Covid-19 pandemic.

According to data from the authorities consulted today by Lusa, these companies received MOP2 billion last year under the SME Support Plan, practically the same amount approved between 2003 when the scheme started and 2015, and about ten times more than the average annual value of loans approved between 2016 and 2019.

Applications for help from Macao SMEs under the support plan have slowed down this year, but October was when the highest number was registered (107), having even tripled in relation to some of the previous months.

In 2021 up to October, the Macau Government had also approved MOP109.1 million in interest-free loans.

Retail trade, construction and public works, restaurants and hotels were the most benefited economic activities in 2021, similarly to what had happened since the beginning of the support program.

The SME Support Plan was launched in May 2003 to financially help, with interest-free loans, companies that felt the economic impact due to SARS-CoV, detected in February of that year.

In 2020, with the pandemic of the new coronavirus, SARS-Cov-2, the Government reinforced economic support, with interest-free loans to finance the acquisition of equipment, renovation works, the companys working capital and acquisition of intellectual property rights, among others.

Currently, the maximum amount of the budget is set at MOP600,000 and the Government is still providing second aid to companies that have fully reimbursed the amount of support previously granted.

Despite the few cases (77) of Covid-19, border restrictions and the consequent decrease in visitors to the worlds gaming capital at casinos forced the authorities to proceed with exceptional measures to support the population and companies.

The Macao Governments budget for 2022 will continue to record a budget deficit, covered by the mobilization of the financial reserve, of MOP30.3 billion.

The government expects expenditure of MOP99.4 billion and income of MOP100.1 billion.

In the budget for next year, the Government will continue to support companies and the population defined since the beginning of the pandemic, amounting to MOP20.4 billion.

The Government proposes to maintain a set of tax deduction and exemption measures, totalling MOP3.09 billion.

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Gov't lent more than MOP2 bln to SMEs in 2020 - Macau Business