Small and medium-sized businesses in Hong Kong are looking to obtain more funding and easier loans due to worries about rising costs, the South China Morning Post reported Tuesday, citing a survey by DBS Bank (Hong Kong).

Operational costs were the number one concern for 60% of the city's SMEs, the report said, citing a survey of 400 SMEs in January.

In 2023, geopolitical concerns were the top concern of 53% of respondents, the report said.

The survey also said more than half of SMEs were looking to hear from Hong Kong Financial Secretary Paul Chan Mo-po regarding support for the sector during his budget address on Wednesday, the SCMP said.

"SMEs are the backbone of Hong Kong's economy, yet many face challenges in managing operational costs, maintaining cash flow and expanding into Asia," the report said, citing DBS Hong Kong executive director and head of SME Banking Lareina Wang.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)