The government of the Hong Kong Special Administrative Region will implement new measures to support small and medium-sized enterprises (SMEs) starting January 1, including a face-to-face service and enhancements to two funds designed to help the SMEs transform their businesses and explore new markets.
The government said on Sunday that a service team entitled “SME ReachOut” will be dispatched to the SMEs to help them identify funding schemes and better utilize the support provided by the government.
As new capital has been injected into the two funds – the “Dedicated Fund on Branding, Upgrading and Domestic Sales” and the “SME Export Marketing Fund, the funding ceilings for each enterprises will be doubled to 4 million Hong Kong dollars (about $510,000) and HKD800,000 (about $100,000) respectively and the ratio of initial payments will also be significantly improved to 75 percent.
The coverage of the Dedicated Fund on Branding, Upgrading and Domestic Sales will be expanded to all economies that have signed free trade agreements with Hong Kong.
“The measures to be launched will more effectively and flexibly support enterprises in expanding markets, while enhancing their competitiveness to help them capture new business opportunities,” said Edward Yau, Hong Kong’s secretary for Commerce and Economic Development, according to Xinhua.
The SAR government has announced several rounds of support measures since August this year to help SMEs weather out economic hardships caused by ongoing social unrest in the neighboring city.
Reports suggest that retailers, hoteliers and restaurateurs have been especially affected by the demonstrations. Hundreds of staff from these sectors have lost their jobs since the summer and a large number of others have been asked to take extended unpaid leave. DB/Xinhua
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