On Mon, 02 Feb 2026, the Hong Kong Monetary Authority ("HKMA") published the results of a survey on Small and Medium-Sized Enterprises ("SMEs") credit conditions for the fourth quarter of 2025, showing stable credit conditions.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On Mon, 02 Feb 2026, the Hong Kong Monetary Authority ("HKMA") released the fourth-quarter 2025 results of its Survey on Small and Medium-Sized Enterprises ("SMEs") Credit Conditions. The survey revealed that overall credit conditions for SMEs remained steady.
Regarding the perceived shift in banks' credit approval attitudes relative to six months prior, 70% of respondents indicated a 'similar' or 'easier' stance, marking an increase from the previous quarter's 59%, while 30% found it 'more difficult', down from 41% in the previous quarter.
Among SMEs with existing credit facilities, only 1% reported a 'tighter' bank stance, down from 3% in the prior quarter. This tightening could manifest in reduced credit limits, higher interest rates, increased collateral requirements, or shorter loan tenors.
The survey also examined new credit applications, with 2% of respondents reporting such applications in the fourth quarter of 2025. Of those who received outcomes, 77% were fully or partially successful, up from 72% in the prior quarter. However, the survey's small sample sizes may result in data variability.
Since 2016, the HKMA has conducted this quarterly survey, covering approximately 2,500 SMEs across various economic sectors to assess demand-side access to bank credit.
Interpretation of the survey results requires caution, as opinions may be influenced by unique events occurring during the survey period. These findings should be analyzed alongside other economic and financial data.
Detailed tables and technical information for this survey can be accessed on the website of the Hong Kong Productivity Council.
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