John Lee promises more help for SMEs
Chief Executive John Lee on Wednesday pledged to offer more support to small and medium-sized businesses by extending fee waivers and increasing funds for existing schemes. In his Policy Address, the CE said businesses can continue to enjoy a 75-percent reduction in water and sewage charges up to and including July 2023, capped at HK$20,000 and HK$12,500 respectively. Tenants of government premises will continue to receive rent concessions of 75 percent until the end of June. An existing principal payment holiday scheme for corporate borrowers will be extended for another six months to the end of July; while businesses can receive more money from the Dedicated Fund on Branding, Upgrading and Domestic Sales" (the BUD Fund) aimed at helping firms build their brands in the mainland. The funding ceiling per business under the fund will go up by HK$1 million to HK$7 million, while SMEs will get more help in developing markets outside Hong Kong with an increase in the maximum fund they can get under the SME Export Marketing Fund from HK$800,000 to HK$1 million. A new dedicated promotion centre will be set up in Guangdong to help HongKongers develop their businesses in the Greater Bay Area, and the Trade Development Council will set up more business centres to cover all nine mainland cities in the GBA.