Bank loan interest subsidies to firms grow in Q3

Macao Economic Services approved MOP111.2 million (US$13.9 million) to subsidise the interest on bank loans by local enterprises during the third quarter of the year, which grew by 27 per cent from the MOP87.5 million registered during the second quarter of the year.
The subsidies were approved via the Bureau’s Interest Subsidy Scheme on Bank Loans to Enterprises, which aims to provide a maximum subsidy of four per cent interest for local enterprises’ bank loans, while the maximum subsidised period is four years from the date of the loan repayment.
For the first three quarters of the year, the bureau granted MOP284.5 million in subsidies under the scheme, benefiting 70 applicants.
Of the total beneficiaries, 19 were engaged in the transport and freight business, which received subsidies of some MOP60.7 million during the nine months, accounting for 21.3 per cent of the total for the period.
The second biggest group of recipients were those from the wholesale industry, which received some MOP59.5 million, accounting for 20.1 per cent of the total.
In addition, nine companies engaged in construction and public works were granted subsidies totalling MOP45.5 million, accounting for 16 per cent of the total, followed by those running restaurants and hotel establishments who received subsidies of MOP28.1 million for the period, occupying 9.8 per cent of the total.
Cumulatively, the scheme has approved subsidies totalling MOP2.42 billion for 595 enterprises since it was implemented in 2003. As at the end of last year, those in wholesale industry received MOP423.9 million in subsidies, representing 18.4 per cent of the total, followed by those engaged in public services, social benefits and in private services.