Almost MOP64.6 million (US$8 million) in subsidies was disbursed to young entrepreneurs and small and medium enterprises (SMEs) during the month of July – the largest amount this year handed out during a month – according to the most recent information from the Macao Economic Services (DSE).
This represents a 54.4 per cent jump month-to-month, and a 142 per cent increase from the same month of last year.
The support is divided between three SME aid schemes and one Young Entrepreneur Aid Scheme.
Total loans approved so far this year under all SME and Young Entrepreneur schemes, until end-July, reached MOP244.5 million.
The SME Aid Scheme, offering interest-free loans of up to MOP600,000 per applicant, awarded MOP48.8 million during the month, the highest value attributed so far this year, and a 138.3 per cent increase month-on-month.
This support was divided between 123 approved applications for funding under the scheme in July, with 425 applications approved in the first seven months of this year. Meanwhile, the SME Credit Guarantee Scheme granted MOP10.6 million during the period, divided between seven applicants and 43 per cent less than in June.
The SME Credit Guarantee Scheme for Special Projects did not grant any loans or subsidies last month, having still so far this year only granted one, a MOP2 million loan in April to two approved applicants.
The largest recipients of the SME credit schemes were largely grouped in the retail trade sector, with MOP56.8 million attributed so far, while the Construction and Public Works sector saw the second largest amount of funding disbursed, with a total of MOP42.3 million so far this year.
Aiding the young
The Young Entrepreneurs scheme provided MOP5.1 million in funding in July and MOP27.4 million in funding during the first seven months of the year.
The scheme offers interest-free loans of up to MOP300,000 for applicants aged 21 to 44, with repayment for the loan starting after 18 months.
The major recipients of the scheme so far this year were in the retail sector, accounting for 48.3 per cent of the funding, or MOP13.2 million, while the next largest recipient was the companies sector at MOP2.9 million.