The Trade & Industry Department will enhance the Dedicated Fund on Branding, Upgrading & Domestic Sales (BUD Fund) and the SME Export Marketing Fund (EMF), and the new measures will apply to applications received from 0.00am, March 14.
The department said the new measures aim to provide support to small and medium-sized enterprises (SMEs) in a more focused and sustainable manner.
The 2024 Policy Address and the 2025-26 Budget have allocated a combined total of $2.5 billion to the funding schemes supporting SMEs to help them cope with the various uncertainties in the global economy.
Under the new measures, each applicant enterprise will be able to submit one “Easy BUD” application every three months, instead of every six months at present, along with the expansion of the funding scope to cover the establishment of an online sales platform.
Furthermore, to assist enterprises in restructuring their business operations in the face of rising trade protectionism and geopolitical tensions, professional fees associated with the establishment of new business entities in eligible markets will be listed in the BUD Fund’s scope of funding.
To focus its limited resources to equip enterprises for upgrading and transformation, the Government will consolidate the EMF into the BUD Fund upon expiry of the former’s special measures on June 30, 2026. Enterprises may then undertake promotional activities in the context of upgrading and transformation to attain synergy.
At the same time, to ensure the two funding schemes’ financial sustainability, the Government will adjust the funding ceiling and matching ratio, and rationalise other parameters of the two funds, such that they will be utilised in the most productive manner.
All the new measures will apply to funding requests received from 0.00am, March 14.
