HKMA Survey Shows Hong Kong SME Credit Conditions Stabilizing in Q4 2025
Joerg Hiller
Feb 02, 2026 09:23
Hong Kong Monetary Authority reports 70% of SMEs now perceive easier or similar bank credit approval, up from 59% last quarter, signaling improved lending sentiment.
Hong Kong’s small and medium-sized enterprises are finding it easier to access bank credit, according to fresh survey data from the territory’s central bank released February 2.
The Hong Kong Monetary Authority’s quarterly SME credit survey found 70% of businesses now perceive banks’ credit approval stance as “similar” or “easier” compared to six months ago—a notable jump from 59% in Q3 2025. Those viewing conditions as “more difficult” dropped to 30% from 41% the prior quarter.
For SMEs with existing credit lines, only 1% reported banks tightening their stance, down from 3% previously. Among the small cohort that applied for new credit during Q4, 77% secured full or partial approval, up from 72% in the previous quarter.
Context Matters Here
The improved sentiment comes as the HKMA has been actively supporting SME access to capital. In October 2024, the regulator introduced multiple measures to help smaller businesses upgrade and transform their operations. The authority also expanded its RMB facility to $28.6 billion in late January 2026 after banks hit existing quotas—a sign of robust demand for financing tools.
The HKMA’s infrastructure for SME lending has expanded considerably since the Banking Sector SME Lending Coordination Mechanism launched in October 2019. More recently, the joint Taskforce on SME Lending established in August 2024 has worked to streamline access, while the Commercial Data Interchange launched in October 2022 helps banks assess creditworthiness using alternative data.
The Caveats
The HKMA itself flags significant limitations in the data. Only 14% of surveyed SMEs had existing credit lines, and just 2% applied for new credit during the quarter. These small sample sizes mean results “could be prone to large fluctuations.”
The perception numbers also don’t necessarily reflect actual lending conditions—respondents’ views can be shaped by media coverage, general business sentiment, or conversations with peers rather than direct experience with banks.
The survey covers roughly 2,500 SMEs across different sectors each quarter, commissioned through the Hong Kong Productivity Council since Q3 2016. It captures demand-side sentiment rather than actual loan volumes or approval rates from banks.
For businesses watching Hong Kong’s credit environment, the trend line looks positive. But anyone making decisions based on these numbers should wait for harder lending data to confirm whether improved perception translates to actual capital flows.
Image source: Shutterstock
