Hong Kong’s small and medium-sized enterprises (SMEs) are seeking funding support and easier loan access, as rising costs have landed at the top of their list of worries, according to DBS Bank (Hong Kong).
Operational costs had become the top concern for 60 per cent of the city’s SMEs, according to the bank’s survey of 400 SME representatives last month. A year ago, the top concern was geopolitical uncertainties, cited by 53.3 per cent of respondents.
“SMEs are the backbone of Hong Kong’s economy, yet many face challenges in managing operational costs, maintaining cash flow and expanding into Asia,” said Lareina Wang, executive director and head of SME Banking at DBS Hong Kong.
Just over half of local SMEs held a “neutral economic outlook” for Hong Kong, the survey found.
Still, more than half of the respondents anticipated business growth over the next 12 months, while 28 per cent expected business to remain stable.
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