Introducing “The BUD Fund - Easy BUD” Simplified Application Track Support Businesses in Seizing Post-pandemic Economic Opportunities

(Hong Kong, 16 June 2023) The Hong Kong Productivity Council (HKPC) today announces the launch of “Easy BUD”, which is a simplified application track under the Dedicated Fund on Branding, Upgrading and Domestic Sales (“the BUD Fund”). The application form, the requirements for supporting documents and the vetting arrangements have been simplified, providing a convenient application channel for funding applications.

Since 2012, the BUD Fund launched by the HKSAR Government aims to assist Hong Kong enterprises in exploring and developing business opportunities in the Mainland market. The BUD Fund subsequently extended the geographical coverage of the funding support to include other economies with which Hong Kong has signed Free Trade Agreements (FTAs) and/or Investment Promotion and Protection Agreements (IPPAs). As the implementer for the BUD Fund, HKPC is committed to providing different stakeholders with all-round professional secretarial services, and this has been well received by enterprises. To expedite the processing of the BUD Fund applications and encourage more enterprises to make use of the funding to develop their businesses, the Government launched “Easy BUD” today. The target processing time of “Easy BUD” applications will be halved to within 30 working days as compared with general applications of the BUD Fund.

Enterprises can make use of “Easy BUD” to apply for funding for specific uses, including placement of advertisements, participation in exhibitions, design and production of promotional materials, development or enhancement of mobile applications and company websites, testing and certification, as well as application for the registration of patents or trademarks. Funding under “Easy BUD” will continue to be provided to grantees after the completion of projects on a matching basis, and the funding ceiling for each project is HK$100,000. All “Easy BUD” projects must be completed within 12 months. Each enterprise can submit one “Easy BUD” application every six months.

Officiating the launching ceremony of “Easy BUD”, Mr Algernon YAU, Secretary for Commerce and Economic Development of HKSAR Government, encouraged the trade to make good use of the simplified application track to expand their business coverage so as to promote the prosperous development of Hong Kong’s businesses and industries.

Ms Vivian LIN, Chief Operating Officer of HKPC, said, “The Government Funding Schemes Management Centre of HKPC is committed to serving Hong Kong SMEs and various organisations, striving for excellence in executive arm and secretariat works. HKPC is tasked by the Government for the running of ‘the BUD Fund’ since its inception. The newly launched ‘Easy BUD’ responds to the needs of the industry, further bolstering support for Hong Kong enterprises to expand into the Mainland and overseas markets. HKPC hopes to continue to exert the professional customer service spirit of the Government Funding Schemes Management Centre to carry positive influence on the society and benefit more SMEs.”

Representatives from enterprises of different sectors that have successfully applied for the BUD Fund were also invited to the launching ceremony to share their successful cases and experiences, and to encourage different industries to upgrade and transform their business operations, thereby inspiring more enterprises to make good use of Government funding, amid enhancing cost-effectiveness.

For more information about “Easy BUD” service, please visit: https://www.bud.hkpc.org/en/

For the latest information about BIZ Expands Easy (BEE)^* funding portal and BEE ePass service, please visit: https://bee.hkpc.org/en/

^* BEE is a one-stop integrated platform developed by HKPC, consolidating information of various government funding schemes covering digitalisation & cyber security, smart & green living, SME & startup support, enabling different industry sectors to explore funding resources and support for business development.

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Mr Algernon YAU, Secretary for Commerce and Economic Development of HKSAR Government (second from right), Hon Sunny TAN, Chairman of HKPC (second from left), Ms Maggie WONG, Dir-Gen of Trade & Industry Directorate (first from right), and Mr Mohamed BUTT, Executive Director of HKPC (first from left) officiated the launch of “Easy BUD”, to help the industry seize unlimited business opportunities and explore business markets.

Mr Algernon YAU, Secretary for Commerce and Economic Development of HKSAR Government, delivered the opening speech at the “The BUD Fund - Easy BUD” Launching Ceremony.