The Economic Bureau (DSE) has approved a total of 344 applications for the Small and Medium-sized Enterprises (SME) Aid Scheme, a program that offers an interest-free loan of up to 600,000 patacas, with a maximum repayment period of eight years.
According to a statement by the bureau, the approved applications were made in the period between February 1 and March 2, even though the measures were supposedly not formally announced by Secretary Lei Wai Nong until mid-way through February.
Secretary Lei had announced the program, among many others, as a “special relief measure” for SMEs at a press conference organized by the Novel Coronavirus Response and Coordination Center on February 14.
However, as the Times revealed on Monday, the measure has been part of the DSE SME Aid Scheme since 2003, and was renewed in 2006, 2009, 2012, and most recently in 2017, making it neither a “new” nor special measure to tackle the difficulties posed by the Covid-19 outbreak.
The DSE added that, from a total of 2,500 applications received, 1,328 were requests related to the abovementioned program. The bureau has already managed to process 446 applications, 344 of which have been approved, representing a 77% approval rating.
As for the remaining requests, the DSE informed that they were mostly (1,151) requests for readjustment of the repayment of the loans for SMEs that have enrolled in several programs in the past.
According to the DSE program rules, the “reimbursement adjustment” allows companies that benefit from three DSE support plans, “Young Entrepreneurs Aid Scheme,” “SME Aid Scheme” and “Special Aid Scheme for SMEs affected by Typhoon Hato,” and that have not fully reimbursed the support granted, to submit a request for an adjustment of reimbursement so that the amount of the next installment due is reduced to 1,000 Macau patacas.
The DSE informed that of all the requests received, the vast majority of the cases (1,081) have been accepted by the DSE.
Only 14 out of the 2,500 requests were related to the SME Credit Guarantee Scheme, in which the government secures loans made by the companies at banking institutions to a maximum of 70% of the total and a ceiling of 4.9 million patacas. Only one of these requests has so far been approved, according to the DSE data release.
The DSE also said that a total of 973 applications were submitted online, contributing to the promptness of the decision-making process.
Besides the applications and requests received, the bureau also noted it had received a total of 6,958 requests for information, the vast majority (5,037) of which continue to be made via phone. The DSE WeChat account was the second-most popular method, accounting for 1,610 requests for information, while the WhatsApp account registered the remaining 311.
Although the bureau has resumed normal operation, it has appealed to citizens applying for the programs to apply online to avoid the unnecessary gatherings of people and waiting at the services.
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