Published in Hong Kong News on 09.12.2016
Hong Kong News: New SME Initiative - Technology Voucher Programme
In an effort to strengthen the competitiveness of Hong Kong businesses the Hong Kong Government launched a 500 million Dollar Pilot "Technology Voucher Programme" (TVP) under the Innovation & Technology Fund. This programme aims to subsidise SME’s use of technological services and solutions to improve productivity and upgrade business processes.
The Secretary for Innovation and Technology, Mr Nicholas W Yang, said, "Small and medium enterprises (SMEs) account for over 98 per cent of the total number of enterprises in Hong Kong. The TVP provides incentives to promote the effective use of technological services and solutions by SMEs to enhance their operational efficiency, and fosters business opportunities for local service providers of technological solutions.
Under the TVP, SMEs registered under the Business Registration Ordinance and with at least one year of substantive business operation in Hong Kong may submit applications. The Government will provide cumulative funding up to $200,000 on a 2:1 matching basis for each eligible SME. The SME must contribute no less than one-third of the project cost. Upon project completion, the Government will disburse the approved funding to the applicant.
The TVP will be implemented on a pilot basis for three years. For more information, please visit the TVP website.