Credit conditions for Hong Kong’s small and medium-sized enterprises were broadly stable in the third quarter of 2025, the Hong Kong Monetary Authority (HKMA) said.
However, more firms perceived that banks had turned cautious compared with the previous period.
Excluding respondents who said they had no view, 59% of SMEs saw banks’ credit approval stance as similar or easier than six months earlier, down from 65% in the second quarter.
The share who perceived a more difficult stance rose to 41% from 35%, according to the quarterly survey compiled for the HKMA by the Hong Kong Productivity Council.
Among companies with existing credit lines, 3% reported tighter treatment by banks, up from 1% in the prior quarter.
A tighter stance can include reduced limits, higher rates, additional collateral, or shorter tenors.
The HKMA said perceptions may not directly reflect actual credit supply, as answers can be influenced by media coverage, business conditions, and peer opinions.
Only 2% of surveyed firms said they applied for new bank credit during the quarter. Of those who already knew the outcome, 72% reported fully or partially successful applications, up from 67% in the second quarter.
The survey, running since 2016, samples about 2,500 SMEs across sectors each quarter to track access to bank finance from a demand-side perspective.
Results can swing because relatively few respondents report having credit lines or new loan applications in any given period, 15% and 2%, respectively, in the latest quarter, making the series sensitive to small changes.
The findings arrive as Hong Kong’s economy extends a recovery in 2025, supported by external demand and tourism. Analysts say credit dynamics for SMEs lag shifts in growth, policy, and risk appetite, and can be uneven across industries.
HKMA has advised the public to interpret the survey alongside financial and economic indicators, including official lending data and banks’ reported asset quality trends.