Established in 2014, SMEBrother aims to provide reliable financial solutions to small and medium-sized enterprises, SMEBrother has since assisted over 2000 clients, prioritizing each client's satisfaction wholeheartedly.
Covering a diverse range of government funding initiatives such as the Technology Voucher Programme (TVP) and the Dedicated Fund on Branding, Upgrading, and Domestic Sales (BUD), our suite of services at SMEBrother comprises a one-stop support for funding, as we have experts that specializes in handling government funding programs.
This support includes initial consultations, aid in document preparation, drafting project proposals, overseeing project advancement, and offering guidance on acceptance criteria and standards.
Which one should I apply?
BUD (Dedicated Fund on Branding, Upgrading and Domestic Sales) funding and TVP (Technology Voucher Programme) funding are both financial assistance programs aimed at supporting businesses, but they have different focuses and criteria, so before you apply and make a decision, you should see which one you need the most first, we will make it easier for you to understand by providing information below.
BUD Fund
BUD funding supports a broad range of business development activities, including market expansion, product development, and operational improvements. It also may cover various aspects of business growth, such as marketing, human resources, technology adoption, and training.
Within the framework of the BUD Fund, both the "Mainland Programme" and the "FTA Programme" extend subsidies on a one-on-one basis. With these programmes, Hong Kong enterprises can receive funding of up to HKD 7 million to financially support initiatives such as brand enhancement, facilitate business upgrades and transformations, market promotions.
The objective of this funding is to bolster the competitiveness of enterprises operating in Mainland China, Southeast Asia, and markets under free trade and investment agreements.
Businesses from different sectors and industries may be eligible for BUD funding, as long as their proposed projects contribute to overall business growth and development, preferably non-listed enterprises registered in Hong Kong and enterprises with substantive business operations in Hong Kong.
TVP Funding
TVP Funding specifically aims to enhance the technological capabilities and competitiveness of businesses. It provides subsidies to eligible businesses for adopting and utilizing technological solutions and services.
This could include investments in hardware, software, consultancy services, or technology-related training. Do remember that unlike BUD Fund that focuses on a more generalized and covers a wider spectrum of business activities, TVP Fund only focuses on supporting businesses in adopting and utilizing technological solutions and services to improve efficiency, productivity, and innovation.
That being said, the programme requires businesses to invest in specific technology areas such as hardware, software, consultancy services, or technology-related training. With a funding ratio of up to 75% (3/4 of the project), the programme enables businesses to start their projects immediately upon submission of their application. So for an example, the government will provide you $350,000 for a $400,000 project; $150,000 for a $200,000 project, and so on and so forth.
With this programme, each enterprises can receive HKD $600,000 at most, targeting the enhancement of their competitiveness, enhancement of business operations, or facilitation of transformation through technological systems. To qualify for the TVP, applicants must be companies registered or established in Hong Kong, with significant business operations in the region. Furthermore, the business must be relevant to the project for which the application is made as stated earlier.
Conclusion
In summary, while both BUD funding and TVP funding aim to support business development, BUD funding offers a broader scope and flexibility, and you can use it to discover mainland China and Free Trade Agreement Markets or upgrade, brand and transform if you already have a company there, while TVP funding is more focused on technology adoption and innovation to enhance business competitiveness, and you can use it to boost your efficiency of your company's services or technology.
If you want to know more or have a question regarding BUD fund and TVP fund, feel free to consult SMEBrother by calling +852 6705 9572 or send us a private message through whatsapp.
