Good news! The Hong Kong Government has created some grants to fund, foster, and support SMEs to succeed within the Hong Kong Economy.
Check out these 5 top government grants that help you build and grow your SME in Hong Kong.
1. Support for Business Downturn
While a strong and robust economy, Hong Kong is not completely immune to periods of downturn, and so the government provides support to SMEs who are struggling during such times.
Under the Support for Business Downturn Scheme, there are a number of individual funds and initiatives to help SMEs come out the other side of a business downturn — one of which is the SME Special Loan Guarantee Scheme (SGS).The SGS will provide loan guarantees to SMEs to help them secure business loans from participating lending institutions (PLIs).
To qualify for the SGS, you must be registered under the Business Registration Ordinance, be operating in Hong Kong, and recognised as an SME. You can also not be an associate of your chosen lender, or be doing the business of a lender.
The scheme also goes beyond loans for business downturn, and provides services such as matching your business with other businesses that could build trade, and full access to the government’s market intelligence analysis so you can make informed business decisions.
2. Innovation and Technology Fund (ITF)
Hong Kong has long prided itself as a hub for technological innovation, and therefore provides excellent support for those businesses wishing to add value to the economy through high-tech transformation. To be precise, Hong Kong has dedicated $18 billion to the Innovation and Technology Fund (ITF) since its announcement in 2017.
The ITF is designed to mainly support R&D projects done through local universities, industry and trade associations, and private sector companies. Essentially there is a reasonably wide scope for funding, as long as the fundamental premise of the initiative is to upgrade the technology industry within Hong Kong.
Want to learn more about the Government Grants available for SMEs in Hong Kong? Check out this Hong Kong Company Registration blog.