Executive Council today (April 29) discussed two by-laws that regulates the provision of financial assistance for small and medium-sized (SME) enterprises to ride through the hard time.

The spokesman of the Executive Council, Tong Chi kin, said that these plans, namely the “Financial Assistance Program” and the “Commercial and Industrial Development Fund” were created to provide financial assistance for SMEs to improve operation conditions and to overcome economics difficulties due to unexpected factors and situations or natural disasters.

Under the “Financial Assistance Program”, SMEs affected by epidemics, including the Severe Acute Respiratory Syndrome (SARS), might apply for financial assistance, with a maximum amount of 200 thousand MOP. The assistance was interest-free and could be paid up in five years, starting one year after it was granted, he added.

Meanwhile, The regulation on the “Commercialisation and Industrial Development Fund” was adjusted so it could receive financial support from the government said Mr. Tong, adding that the Government would allocated one hundred millions MOP to the funds.

The requests for the financial assistance will be analysed by a commission, appointed by the Chief Executive. The authorities expect to have these two by-lawss promulgated shortly and start granting assistance on late May.