The Macau government announced yesterday that it has amended its two current programmes respectively offering interest-free loans to local small- and medium-sized enterprises (SMEs) and young local entrepreneurs. According to the amended programmes, local SMEs and young local entrepreneurs running their business in Hengqin can also benefit from the two programmes.
The two programmes were rolled out in 2003 and 2013 respectively.
In the programme for local SMEs, an applicant can obtain an interest-free loan of up to 600,000 patacas.
The programme for young local entrepreneurs provides an interest-free loan of up to 300,000 patacas. The programme benefits local residents aged between 21 and 44 who have operated their companies for less than two years.
Secretary for Administration and Justice Wong Sio Chak, who is also the spokesman for the government’s top advisory body – the Executive Council, made the announcement during a press conference at Government Headquarters yesterday.
The government has drawn up amendments to the two administrative regulations governing the operations of the two programmes.
Government-drafted administrative regulations, a.k.a. by-laws, do not require the legislature’s approval.
The amendments will take effect on the day after their promulgation in the Official Gazette (BO).
In addition to the two programmes, the local government has also amended its current programme offering an interest subsidy to local businesses to obtain a bank loan – also extending the scheme to local businesses operating in Hengqin.
Wong said that the three programmes’ amendments aim to strengthen the alignment of rules and mechanisms between Macau and Hengqin.
With the aim of increasing flexibility and resilience in operations for local businesses and providing more space for them to upgrade their operations, the local government decided to extend the scope of application for the three programmes, allowing local businesses who expand their Macau operations to Hengqin to apply for an interest-free loan or a bank loan interest subsidy from the local government, Wong said.
Secretary for Administration and Justice Wong Sio Chak (right) and Economic and Technological Development Bureau (DSEDT) Director Yau Yun Wah address yesterday’s press conference at Government Headquarters. – Photo: Tony Wong
