Dedicated Fund on Branding, Upgrading and Domestic Sales (The BUD Fund) helps firms seize opportunities
News.gov.hk released latest feature story to introduce how BUD Fund and Hong Kong Productivity Council (HKPC) help firms to seize opportunities.
The Government established the Dedicated Fund on Branding, Upgrading & Domestic Sales in 2012 to assist Hong Kong enterprises in exploring and developing the market through developing brands, upgrading and restructuring their operations and promoting domestic sales. The Hong Kong Productivity Council (HKPC) has been tasked with implementing the fund.
The feature story showcased a successful case from one of a BUD Fund beneficiary and interviewed with Ms. Vivian Lin, Chief Operating Officer of HKPC. It mentioned that the cumulative funding ceiling per enterprise has been increased substantially from $500,000 to $7 million in stages. The fund’s geographical coverage has also been extended from the Mainland to 37 economies, including Singapore, Malaysia, Thailand, Vietnam and Australia, among others. "As at the end of February 2023, around 5,700 applications have been approved, involving a total funding amount of around $3.4 billion, benefiting some 4,100 enterprises." as stated by Ms Lin.
The HKPC has taken steps towards digital transformation to assist in streamlining the application process for government funding schemes. One of the initiatives introduced is the Biz Expand Easy Portal and BEE@HKPC mobile app, which aims to support enterprises in accessing government funding schemes in Hong Kong.
Learn more on the feature story: Fund helps firms seize opportunities
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