Information Paper on Support for Small and Medium Enterprises (SMEs)
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1 IBC Paper No. 7/2011 Information Paper on Support for Small and Medium Enterprises (SMEs) This paper apprises Members of the support for small and medium enterprises (SMEs) in Hong Kong. Background 2. SMEs 1 are the backbone of Hong Kong s economy. They constitute over 98% of the local business establishments and provide 48% (1.2 million) of the total employment in the private sector in Hong Kong. The Government is committed to supporting the continuous development of SMEs. Our policy on SMEs is to provide the necessary support to raise their competitiveness through various government departments and quasi-government bodies while keeping in line with our cherished free market economic philosophy ( big market, small government and maximum support, minimum intervention ). Various support measures for SMEs are summarised in the following paragraphs. Financial Support 3. Three SME Funding Schemes, namely, the SME Loan Guarantee Scheme (SGS), SME Export Marketing Fund (EMF) and SME Development Fund (SDF), are currently administered by the Trade and Industry Department (TID) to help SMEs secure loans, expand export markets and enhance their competitiveness. The SGS and EMF are open to individual SMEs which are registered under the Business Registration 1 SMEs include manufacturing businesses which employ fewer than 100 persons in Hong Kong; or non-manufacturing businesses which employ fewer than 50 persons in Hong Kong. As at June 2011, there were about 300,000 SMEs in Hong Kong.
2 - 2 - Ordinance (Chapter 310) and have substantive business operation in Hong Kong, whereas the funding targets of the SDF are non-profit-distributing organisations (such as industrial and trade organisations, professional bodies, research institutes, etc). 4 The SGS helps SMEs secure loans from the participating lending institutions for acquiring business installations and equipment or meeting working capital needs. Under the SGS, the maximum amount of guarantee for each SME is HK$6 million. Based on the maximum guarantee ratio of 50%, the corresponding loan amount is HK$12 million. Each SME is allowed to recycle the guarantee once after it has fully paid up the loan backed up by the guarantee (i.e. each SME will be able to obtain a loan amount of HK$24 million). The maximum guarantee period for each loan is 60 months. 5. The EMF aims at helping SMEs expand their business through participation in export promotion activities such as exhibitions, business missions, and placing advertisements on printed trade publications and eligible websites targeting export markets. The EMF will fund up to 50% of the approved expenses incurred by an applicant in connection with an export promotion activity, subject to a ceiling of HK$50,000 per application. Each SME is subject to a cumulative grant ceiling of HK$150,000 under the EMF. 6. The SDF provides financial support to non-profit-distributing organisations, such as trade and industrial organisations, professional bodies and research institutions, to implement projects which aim at enhancing the competitiveness of SMEs in general or in specific sectors. The maximum amount of funding support for each approved project is 90% of the total project expenditure, subject to a ceiling of HK$2 million.
3 The SME funding schemes have been well-received by businesses in Hong Kong since their establishment in To provide continued support to SMEs, the Chief Executive announced in the 2010 Policy Address to inject an additional HK$1 billion into the EMF and SDF (i.e. increasing the total commitment for the two funds from HK$2.75 billion to HK$3.75 billion) in The Financial Secretary proposed in the Budget February 2011 to increase substantially the total guarantee commitment under the SGS from HK$20 billion to HK$30 billion. The relevant funding/increase in total guarantee commitments were approved by the Finance Committee of the Legislative Council on 18 July We will continue to closely monitor and review from time to time the operation of these schemes, with regard to the market situation and the needs of SMEs. 9. The Hong Kong Mortgage Corporation (HKMC) launched the market-based SME Financing Guarantee Scheme on 1 January 2011, with a view to providing Hong Kong enterprises, particularly SMEs, with an additional financing option. The scheme has incorporated the essential features of the Government s time-limited Special Loan Guarantee Scheme 2 (which ceased receiving application after end December 2010), while providing a more flexible product to suit the market needs. The scheme could provide guarantee coverage of 50% to 70%. The maximum loan amount for each enterprise is HK$12 million, which can take the form of term loan or revolving facility. Through the provision of loan guarantee, the scheme will encourage the Authorised Institutions to provide a sustainable financing option for SMEs in Hong Kong. 2 The Special Loan Guarantee Scheme (SpGS) was a time-limited initiative introduced by the Government in December 2008 to help Hong Kong enterprises tide over the liquidity problem during the
4 - 4 - Export Credit Insurance 10. To assist exporters to sustain their business and develop new markets, the Hong Kong Export Credit Insurance Corporation (ECIC), a statutory corporation set up in Hong Kong in 1966 to encourage export trade by providing exporters including SMEs with export credit insurance protection against non-payment risk, has launched a series of enhancement measures. These measures include providing higher covers for exporters where risk allows, higher covers and lower premiums for some emerging markets, and expediting the processing of credit limits applications. The cap of ECIC s contingent liability guaranteed by the Government was also raised from HK$15 billion to HK$30 billion to enhance its underwriting capacity. 11. In view of the relocation of the production processes of many Hong Kong enterprises away from Hong Kong and the setting up of subsidiaries in the Mainland or overseas in recent years, the ECIC has extended its insurance coverage to contracts signed between subsidiaries wholly owned by Hong Kong companies in the Mainland or overseas and their buyers. The extension offers Hong Kong companies better credit risks protection when they are developing their business in the Mainland and other new markets. This new measure further assists SMEs in their trade financing and risk management. Innovation and Technology Support 12. The Government set up the Innovation and Technology Fund (ITF) in 1999 with a provision of HK$5 billion. The ITF aims to increase the added value, productivity and competitiveness of the local economic activities, and to encourage and assist Hong Kong companies to upgrade global financial crisis. The SpGS ceased receiving applications after end December 2010.
5 - 5 - their technological level and introduce innovative ideas to their businesses. The funding programmes under the ITF include the Small Entrepreneur Research Assistance Programme (SERAP) which supports technology entrepreneurs. SERAP provides pre-venture capital funding to technology entrepreneurs and technology-based companies (with less than 100 employees) to undertake research and development of commercially viable technologies that can be brought to the market within two years. For projects approved for funding, a grant of up to HK$4 million will be provided on a dollar-for-dollar matching basis. As at end October 2011, SERAP has approved 351 projects with a funding support of HK$386 million. 13. The Hong Kong Science and Technology Parks Corporation provides infrastructural support and one-stop service to technology-based companies and activities, ranging from nurturing technology start-ups through the incubation programme, providing premises and services in the Science Park for applied research and development activities, creating and sustaining a design cluster in the InnoCentre, to offering land and premises in the industrial estates for production activities. The Corporation offers a comprehensive incubation programme to assist technology start-ups during their vulnerable inception stages. The programme includes subsidised office accommodation, consultancy services, investment matching and a small financial aid package to facilitate R&D. The programme has already benefited over 330 SMEs. As at October 2011, 331 applications have been approved involving about HK$9.1 million of cash rebate. 14. To reinforce the research culture among business enterprises and encourage them to establish stronger partnership with local research institutions, the Government launched in April 2010 the R&D Cash Rebate Scheme with a commitment of HK$200 million. Under the scheme, enterprises (including SMEs) conducting applied R&D project
6 - 6 - with the support of the ITF or in partnership with local designated research institutions will enjoy a cash rebate equivalent to 10% of their investments. 15. Besides, the Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) performs relevant and high quality R&D for transfer to industry for commercialisation with a view to elevating the technology level of our industry and stimulating the growth of technology based industry in Hong Kong. 16. The Innovation and Technology Commission (ITC) set up five R&D Centres in April 2006 to drive and coordinate applied R&D efforts in selected focus areas, including - Automotive Parts and Accessory Systems R&D Centre; - R&D Centre for Information and Communications Technologies under the ASTRI; - Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies; - Nano and Advanced Materials Institute; and - Hong Kong Research Institute of Textiles and Apparel. 17. On standards, ITC s Product Standards Information Bureau provides a comprehensive range of standards-related services to assist local enterprises to comply with relevant requirements in their manufacturing, exports and provision of services, and to enhance quality and competitiveness. 18. Moreover, the Hong Kong Accreditation Service (HKAS) of the ITC provides a comprehensive range of accreditation services to the local laboratories, certification bodies and inspection bodies. The multilateral mutual recognition arrangements it has concluded with other accreditation bodies enhance the acceptance of reports and certificates issued by HKAS
7 - 7 - accredited organisations, both locally and in over 60 other economies worldwide. SMEs can increase their competitiveness by using the services provided by HKAS accredited organisations. Promoting Design and Creativity 19. To fund design-related activities and infrastructure, the Government launched the DesignSmart Initiative with funding of HK$250 million in Under this initiative, the Design-Business Collaboration Scheme encourages SMEs to invest in design projects by providing funding support up to 50% of the approved project cost or HK$100,000, whichever is the less. 20. The Hong Kong Design Centre (HKDC), founded by five leading design professional bodies in Hong Kong, promotes design as a value-added activity, raise design standards, foster design-related education, and raise the profile of Hong Kong as an innovative and creative hub. 21. The InnoCentre under the Hong Kong Science and Technology Parks Corporation also aims at creating and sustaining a cluster of high value-added design activities among design professionals and industry users. The Centre provides Grade A office space for design tenants; and education, incubation and professional courses, exhibitions, seminars, workshops, etc. The Design Incubation Programme (DIP) run at the Centre creates a start-up environment for design SMEs through the provision of office facilities, trainings for business development, and various assistances such as consultancy service. 22. Hong Kong Cyberport spearheads the development of creative digital media industries through the provision of important infrastructure and support services via various support centres such as the Cyberport Entrepreneurship Centre, Hong Kong Wireless Development Centre and
8 - 8 - Technology Centre. Focused on enterprise and professional development, its incubation programme helps SMEs and start-ups to commercialise their creative ideas and develop their business forming a cluster of creative digital media and content enterprises in Hong Kong. Encouraging Branding 23. The Government will further strengthen co-operation and communication with relevant organisations, such as the Hong Kong Trade Development Council (HKTDC), various trade associations and other key stakeholders in the trade, to support activities to enhance Hong Kong enterprises awareness and knowledge about brand development. TID and HKTDC have co-organised a branding conference during the annual World SME Expo since Well-known entrepreneurs and experts shared their views and experience on branding strategies, especially on how to enter the Mainland market. 24. TID will continue to organise seminars and workshops on brand building, and provide funding through the SME funding schemes to facilitate local enterprises in promoting their brands. Eligible organisations are encouraged to apply for the SME Development Fund to conduct projects which aim to assist SMEs in brand promotion and development, and in tapping the emerging markets in the Mainland and overseas. TID s brand promotion website also provides a convenient platform for the trade to obtain updated information on branding. 25. HKTDC s promotional activities including exhibitions, seminars, Hong Kong Pavilion, outbound and inbound missions, showcase display, catalogue shows, Hong Kong consumer shows and brand-name promotion also helped promote Hong Kong brands. Three Design Gallery shops are being operated by HKTDC at the Hong Kong International Airport, the
9 - 9 - Hong Kong Convention & Exhibition Centre and in Beijing to showcase Hong Kong brand name products to overseas visitors and buyers. 26. The CreateSmart Initiative spearheaded by Create Hong Kong aims to provide financial support to initiatives that are conducive to the development and promotion of creative industries, supports creative SMEs and talents to participate in overseas exhibitions and competitions to brand build their services and products. The InnoCentre of the Hong Kong Science and Technology Parks Corporation helps sustain the cluster of high value-added design activities. Such efforts which aim to support and nurture our creative and innovative industries can facilitate the development and promotion of Hong Kong brands. Other Supportive Measures 27. The Support and Consultation Centre for SMEs (SUCCESS) run by TID provides SMEs including business start-ups with free, reliable and practical information and consultation services. A comprehensive range of business information, including requirements on government licences and permits, can be found on the SUCCESS Website ( SUCCESS also provides SMEs with latest business information through a reference library, business electronic databases, e-newsletters and a regular publication SME Pulse. SUCCESS operates a Business Advisory Service and an SME Mentorship Programme. SUCCESS also organises seminars and workshops to help broaden SMEs business knowledge and enhance their entrepreneurial skills. 28. The Hong Kong Productivity Council (HKPC) promotes productivity excellence of Hong Kong enterprises including SMEs, and enhances the value-added content of their products and services. HKPC
10 provides integrated support services across the value chain to enterprises, with a sectoral focus on manufacturing, particularly the foundation industries and related service activities. 29. HKTDC conducts a series of market research to keep Hong Kong SMEs abreast of global trade dynamics. This helps SMEs in making business decisions and exploring new opportunities. HKTDC also provides a useful platform for SMEs to meet potential buyers from around the world through its international trade fairs staged here in Hong Kong, its trade magazines as well as its online marketplace, SMEs can also find potential business partners through hktdc.com. Leveraging on its global office network, HKTDC is able to provide quality business matching service for SMEs to network with international buyers and suppliers. 30. Contact information for the above support measures is set out at Annex for Members reference. Commerce and Economic Development Bureau Create Hong Kong Innovation and Technology Commission Trade and Industry Department November 2011
11 Annex Support for Small and Medium Enterprises (SMEs) : Contact Information Financial Support Tel Fax SME Loan Guarantee Scheme (SGS) sgs_enquiry@tid.gov.hk SME Export Marketing Fund (EMF) emf_enquiry@tid.gov.hk SME Development Fund (SDF) sdf_enquiry@tid.gov.hk SME Financing Guarantee Scheme Not Applicable sfgs_enquiry@hkmc.com.hk Export Credit Insurance Tel Fax Hong Kong Export Credit Insurance Corporation (HKECIC) cyril_leung@cedb.gov.hk Innovation and Technology Support Tel Fax Innovation and Technology Fund (ITF) enquiry@itf.gov.hk Small Entrepreneur Research Assistance Programme (SERAP) serap@itc.gov.hk Innovation and Technology Support (Cont d) Tel Fax Hong Kong Science and Technology Parks Corporation (HKSTPC) / ricky.ma@hkstp.org Technology Incubation Scheme under the HKSTPC
12 R&D Cash Rebate Scheme Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) Automotive Parts and Accessory Systems R&D Centre R&D Centre for Information and Communications Technologies under the ASTRI Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies Nano and Advanced Materials Institute Hong Kong Research Institute of Textiles and Apparel Product Standards Information Bureau Hong Kong Accreditation Service
13 Support on Design and Creativity Tel Fax DesignSmart Initiative enquiry@designsmart.gov.hk Design-Business Collaboration Scheme enquiry@designsmart.gov.hk Hong Kong Design Centre info@hkdesigncentre.org InnoCentre info@innocentre.org.hk Design Incubation Programme incu-design@hkstp.org Hong Kong Cyberport enquiry@cyberport.hk Cyberport Entrepreneurship Centre ecentre@cyberport.hk Hong Kong Wireless Development Centre and Technology Centre contact@hkwdc.org Support on Branding Tel Fax Trade and Industry Department branding@tid.gov.hk Hong Kong Trade Development Council hktdc@hktdc.org CreateSmart Initiative createsmart@createhk.gov.hk InnoCentre info@innocentre.org.hk Other Supportive Measures Tel Fax Support and Consultation Centre for SMEs (SUCCESS) success@tid.gov.hk Hong Kong Productivity Council hkpcenq@hkpc.org
14 Hong Kong Trade Development Council cherrywong@cedb.gov.hk End
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