Number of applications for business support fund rising amidst return to normalcy

As of February 2023, HKPC approved around 5,700 applications.

The Hong Kong Productivity Council (HKPC) declared that the number of applications for the business support fund increased after it edged down due to the highly strict health protocols. 

The BUD Fund was set up in 2012 to help businesses in exploring and developing the Mainland market through upgrading their operations and developing brands and promoting domestic sales in the Mainland. HKPC was tasked to implement this fund.

“However, the number of applications is on the rise again as Hong Kong returns to normalcy. As at the end of February 2023, around 5,700 applications have been approved, involving a total funding amount of around $3.4b, benefiting some 4,100 enterprises,” read the statement.

The HKPC also hosts regular seminars to equip enterprises prepare their applications. It has also launched the Biz Expand Easy Portal and mobile app to support enterprises in accessing government funding schemes.

Once all their supporting documents are in order, the application can be approved within 60 days at the earliest.