The BUD (Dedicated Fund on Branding, Upgrading and Domestic Sales) is a government initiative introduced in Hong Kong to support local enterprises in their branding, upgrading, and domestic sales efforts. The fund aims to enhance the competitiveness of Hong Kong businesses by providing financial assistance and resources to help them expand their market presence in the Mainland and designated regions with which Hong Kong has signed Free Trade Agreements (FTAs) and Investment Promotion and Protection Agreements (IPPAs). By facilitating brand building, business upgrading, and domestic sales expansion, the BUD fund plays a crucial role in driving the growth and success of enterprises in Hong Kong to improve their product or service offerings and explore new business opportunities locally, as well as in the Mainland, FTA, and IPPA markets.
The BUD Fund requires applicant enterprises to carry out thorough research of the target market, devise feasible projects, and implement the projects by themselves upon approval. The BUD Fund hopes to help SMEs expand in their target markets with their own capabilities, while the majority of other funding schemes allow outsourcing project implementation to third parties.
Type of Projects
Any projects falling within the scope of the Programme (i.e. any one or more areas of (i) branding; (ii) upgrading and restructuring; and (iii) promoting sales) that assist individual Hong Kong enterprises in enhancing their competitiveness and facilitating their business development in the Mainland or the FTA and IPPA markets are eligible for applying for funding support under the Programme. There are two types of eligible projects:
Project Applications Develop Holistic Business Plans
Projects that involve the engagement of qualified service providers by the applicants to develop holistic business plans in the areas of branding, upgrading and restructuring, and/or promoting sales for the applicants to enhance their competitiveness and facilitate their business development in the Mainland and the FTA and IPPA markets.
Project Applications Implementation of Specific Measures
Projects that involve the implementation of specific measures in the areas of branding, upgrading and restructuring and/or promoting sales by the applicants themselves to enhance their competitiveness and facilitate their business development in the Mainland and in the FTA and IPPA markets.