Small and medium-sized businesses weighed down by challenges due to the current wave of the COVID-19 infections in Hong Kong can avail of support through the Hong Kong Trade Development Council.

The HKTDC can help SMEs secure funds of up to HK$6 million ($766,820) for business, export marketing, training on aspects such as e-commerce, and money for technology upgrades.

The HKTDC can help SMEs avail of funds of up to HK$6 million ($766,820) for business, export marketing, training on aspects such as e-commerce, and money for technology upgrades

“The HKTDC understands the challenges faced by SMEs in Hong Kong and provides platforms and activities and support to help them develop new business opportunities,” a spokesperson said.

The HKTDC has been liaising with the Hong Kong Special Administrative Region government so that more SMEs will be eligible for government funding, including under the Export Marketing Fund; the Branding, Upgrading and Domestic Sales Fund; and the Convention and Exhibition subsidy scheme from the Anti-epidemic Fund.

For trade exhibitors, participation fees for affected events have been frozen.

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The Branding, Upgrading and Domestic Sales Fund provides funding support for individual, non-listed Hong Kong enterprises to undertake projects to develop brands, upgrade and restructure their business operations and promote sales in the Chinese mainland, free trade agreement and/or investment promotion and protection agreement markets, and to improve their competitiveness and facilitate business development in these markets, the spokesperson said.

“Eligible enterprises can apply for projects for branding, upgrading and or development sales in the mainland, FTA and/or IPPA markets.”

For each project, funding is limited to HK$1 million, and is provided on a matching basis (a maximum of 50 percent of the total approved project cost). The remaining 50 percent is contributed by the enterprise.

The cumulative funding ceiling is up to HK$6 million for an enterprise. The project duration would be a maximum of two years and the number of projects is limited to 60.

The initial payment is 75 percent of total approved government funding. Enterprises need to apply in advance. 

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The Export Marketing Fund, implemented by the Trade and Industry Department, helps SMEs expand in markets outside Hong Kong. Funding support is available for joining export promotions, the spokesperson said.

An SME can apply for HK$100,000 at maximum or 50 percent of total approved expenditure for each successful application, whichever is the less. The cumulative funding amount is HK$800,000 per enterprise, the spokesperson added.

The initial payment is up to 75 percent of the total initially approved government funding. As for other forms of support, the spokesperson said the HKTDC is stepping up its online training and workshops on a range of topics including tapping high-growth markets such as the Chinese mainland, understanding sustainability for SMEs, and e-commerce operations and marketing.

“We are also rolling out new support programs such as a new cross-border e-commerce platform with e-commerce platform JD.com and, in 2022/23, our support program for mainland-based Hong Kong companies,” the spokesperson said.