To enhance competitiveness of local small and medium enterprises (“SMEs”), the Technology Voucher Programme (TVP) aims to subsidise SMEs on the use of technological services and solutions to improve productivity, upgrade or transform their business processes. Funding up to $600,000 for each eligible enterprise will be provided on a 3:1 matching basis. The applicant enterprise must contribute no less than one third of the total approved project cost. In other words, funding on no more than two-thirds of the total approved project cost will be provided to an applicant enterprise on a reimbursement basis based on the actual project cost.
To help Hong Kong enterprises capture the opportunities, the Hong Kong SAR Government set up a “Dedicated Fund on Branding, Upgrading and Domestics Sales” (the BUD Fund) of $1 billion in June 2012. To help SMEs, including start-ups, grasp economic opportunities and boost their competitiveness, the 2018-19 Budget proposed to extend the geographical scope of the BUD Fund to include the Association of Southeast Asian Nations (ASEAN) markets by launching the “ASEAN Programme”, and to increase the cumulative funding ceiling per enterprise for projects involving the Mainland China Market (the “Mainland Programme”). The Finance Committee of the Legislative Council approved the enhancement proposal and funding injection of $1.5 billion in June 2018. In 2020, the BUD Fund is significantly enhanced as follow: both BUD and ASEAN programmes are doubled to $2M, ASEAN enhanced as Free Trade Agreement Programme (FTA), and the ceiling is even cancelled. From 9th April, 2020, an eligible enterprise can be granted at most $4 million from either Mainland Programme or FTA Programme.
The SME Export Marketing Fund (EMF) aims to encourage small and medium enterprises (SMEs) to expand their markets outside Hong Kong by providing financial assistance to SMEs for participation in export promotion activities.