Announced in the 2021/22 Budget1, the government proposed to improve further the BUD Fund, including the following measures:
- Additional injection of $1.5 billion
- Expansion of geographical coverage to 37 economies (previously 20 economies)
- Increase of the funding ceiling for each company to $6 million (previously $4 million)
According to sources, the Secretariat of the BUD Fund received a total of 10,000 applications last year, mostly related to the industries of watch & clock, clothing, and apparel. After deducting administrative costs, the current BUD Fund has about $2.3 billion. Besides, the newly-available geographic scope of funding will cover all those with which Hong Kong has entered into Investment Promotion
and Protection Agreements (IPPAs), including countries such as Japan, South Korea, Germany, France, the United Kingdom, Italy, and the United Arab Emirates.
Understand more: BUD application complete guide
Make full use of government funding to reduce investment risks
As BizMagnet expected, the government would continue to increase funding to remedy the economy and popularity under this unprecedented environment. The above measures can support SMEs in developing more diversified markets and manage business risks. 2
BizMagnet BUD consultants will closely follow up relevant news for everyone
- “The 2021-22 Budget Speech”, https://www.budget.gov.hk/2021/eng/speech.html
- 「財政預算案擴大對中小企支援 中小企如何增現金流及拓展市場？」，香港經濟日報，https://inews.hket.com/article/2885647?r=cpsdlc