1 For discussion on 9 November 2001 FCR( )38 ITEM FOR FINANCE COMMITTEE HEAD TRADE AND INDUSTRY DEPARTMENT Subhead General other non-recurrent New Item SME Business Installations and Equipment Loan Guarantee Scheme New Item SME Training Fund New Item SME Export Marketing Fund New Item SME Development Fund Members are invited to approve the following new commitments under Head Trade and Industry Department - (a) $6.6 billion for the setting up of the SME Business Installations and Equipment Loan Guarantee Scheme; (b) $400 million for the setting up of the SME Training Fund; (c) $300 million for the setting up of the SME Export Marketing Fund; and (d) $200 million for the setting up of the SME Development Fund. PROBLEM We need to provide support to small and medium enterprises (SMEs) to build up their strength and redress their weaknesses in order to face the prevailing challenges. /PROPOSAL..
2 FCR( )38 Page 2 PROPOSAL 2. To implement the initiatives announced by the Chief Executive (CE) in the 2001 Policy Address to help SMEs, the Director-General of Trade and Industry (DGTI), supported by the Secretary for Commerce and Industry, proposes the setting up of following four SME funding schemes, along the lines recommended by the Small and Medium Enterprises Committee (SMEC) - (a) (b) (c) (d) an SME Business Installations and Equipment Loan Guarantee Scheme (BIG) to facilitate the provision of guarantees up to an amount of $6.6 billion with an expected maximum expenditure of $1 billion; an SME Training Fund (STF) with a commitment of $400 million; an SME Export Marketing Fund (EMF) with a commitment of $300 million; and an SME Development Fund (SDF) with a commitment of $200 million. The establishment of the above funding schemes will result in a total commitment of $7.5 billion with an expected maximum expenditure of $1.9 billion. The $1.9 billion amount is $600 million more than the original amount proposed by the SMEC ($500 million more for BIG and $100 million more for EMF). JUSTIFICATION 3. SMEs constitute over 98% of the business establishments and provide about 60% of the total employment in Hong Kong (excluding the civil service). They are a major driving force of the Hong Kong economy. According to the SMEC, they are facing three major challenges, namely globalisation, China s accession to the World Trade Organisation, and the emergence of a knowledgebased economy. The latest economic downturn, which has been exacerbated by the events of September 11 in the United States, has made the global business environment even more challenging. Given these conditions and their relatively limited resources and vulnerable market positions, SMEs require additional support, particularly in the six areas of business environment, financing, corporate governance and culture, human resources, technology application, and market expansion as identified by the SMEC. Encl We consider the four proposed funding schemes would help SMEs to build on their strengths and redress their weaknesses in the six areas aforementioned, and would be conducive to improving their long-term competitiveness. As the table at Enclosure 1 shows, we estimate that the four funding schemes will all together benefit at least SMEs. /DETAILS..
3 FCR( )38 Page 3 DETAILS OF THE FUNDING SCHEMES (I) (A) SME Business Installations and Equipment Loan Guarantee Scheme Objective and Eligibility 5. Under this scheme, the Government will guarantee part of the loans approved by participating lending institutions to help SMEs purchase business installations and equipment. All locally registered SMEs Note 1 will be eligible to apply. However, the scheme will not cover loan transactions between a lending institution and any of its related companies in order to avoid possible conflicts of interest. 6. To encourage SMEs to improve their financial management and transparency of their accounts, SMEs wishing to make use of the scheme will be required to submit financial accounts to the relevant lending institutions when applying for loans. A limited company will be required to submit its latest audited accounts, and an unlimited company which does not have audited accounts will be required to submit its latest statement of accounts. This requirement will however not apply to SMEs that are established for fewer than 18 months at the time of submitting loan applications as they may not be able to meet the requirement. The lending institutions will assess the credit worthiness of the applicants based on all relevant and available information. (B) Participating Lending Institutions 7. All authorised institutions under the Banking Ordinance will be invited to participate in the scheme. Government will rely on participating lending institutions to exercise their usual prudent professional judgement in assessing applicants creditworthiness. (C) Use of Loans 8. The loans obtained under the scheme are to be used only for acquiring installations and equipment relating to the applicants business operations, which /may.. Note 1 The Government defines SMEs as any manufacturing firms which employ fewer than 100 persons in Hong Kong; or any non-manufacturing firms which employ fewer than 50 persons in Hong Kong. The number of persons employed shall include individual proprietors, partners and shareholders actively engaged in the work of the company; and salaried employees of the company, including full-time or part-time salaried personnel directly paid by the company, both permanent and temporary, at the time of submitting applications.
4 FCR( )38 Page 4 may include machinery, tools, computer software and hardware, communication system, office equipment, transport facilities, furniture, and fixtures (e.g. airconditioning system, built-in cabinets and lighting system, but exclude decoration works). The installations and equipment may be located outside Hong Kong. 9. The loans may be used for acquiring second-hand installations and equipment, but not for financing or re-financing machinery and installations already in the applicants possession as the objective of the scheme is not to help SMEs enhance their cash flow. (D) Ceilings 10. Each SME may apply, through a participating lending institution, for a loan guarantee from Government of up to $1 million or an amount up to 50% of the loan offered by the lending institution, whichever is less. 11. The total loan guarantee amount that the Government will provide will depend on the overall default rate of the scheme. The SMEC has, after careful analysis, estimated that the default rate of the scheme should not exceed 15%. We consider this a reasonable estimate, particularly in view of the nature of the loans involved, and the measures, as set out in paragraph 12 below, that we will put in place to further ensure the quality of the guaranteed loans and to minimise the loss to the Government in the event of default. 12. The scheme aims at helping SMEs to purchase business installations and equipment. It is reasonable to expect that the SMEs applying for such loans are planning to expand their operation and production capacity. As such, these companies should be in a relatively healthy state and are therefore less likely to default. Moreover, the requirement for SMEs to submit financial accounts to participating lending institutions in support of their loan applications, the requirement for the loans to be repaid by instalments, and the specified uses of the loans will help reduce the incidence of default. The capping of Government s maximum liability to 50% of the loan amount will help to contain the loss to the Government in default cases. 13. We have earmarked $1 billion for expenditure under the scheme. Applying the overall default rate of 15% as advised by SMEC, the Government will be able to provide loan guarantee totalling $6.6 billion. /14...
5 FCR( )38 Page We will strive to keep the maximum expenditure under the scheme to $1 billion. To this end, we will keep the loan approval, the total outstanding loan amount and default situation under close review. We will not recycle the guarantee amount in the first year of the scheme to allow us more time to observe the situation on the ground. However, we cannot rule out the possibility that the total expenditure may exceed $1 billion as loans will be processed on a first-come first-served basis and as the actual overall default rate may be more than what the SMEC has estimated. We will report to Members should the expected maximum expenditure be likely to exceed $1 billion. 15. For better risk management and for more equitable distribution of available resources, we will impose an indicative ceiling of $600 million in Government guarantee on each participating lending institution. We will monitor the situation closely and may revise the indicative ceiling across the board or for individual institutions in the light of operational experience. (E) Interest 16. The lending institutions will determine the interest of the loans they offer to SMEs. We will not intervene in such commercial decisions but we will ask the institutions to take into account Government s guarantee when they decide on the interest rates to be charged. We envisage that competition among participating institutions and the transparency of the lending markets should enable SMEs to obtain loans at reasonable interest rates. (F) Guarantee Period and other Arrangements 17. The guarantee period will be for a maximum of three years, counting from the first drawdown date of the loan. Under normal circumstances, a loan guaranteed by the Government under the scheme will have to be activated within 90 days from the date of Government s approval of the guarantee. 18. All loan payment to and repayment from the SMEs will be handled by the participating lending institutions. There will be an agreement between the Government and each participating lending institution, setting out the rights and obligation of each party and the appropriate mechanism for settling the transactions and arrangement for default cases. When processing default claims, the Trade and Industry Department (TID) may, where necessary, require the participating lending institutions to provide additional justifications and documentary proof to /demonstrate..
6 FCR( )38 Page 6 demonstrate that they have conducted proper due diligence and exercised professional judgement and prudence in approving the loans. Upon completion of the verification process, the Government will release the guaranteed amount to the concerned lending institution to discharge its responsibility as the guarantor of the non-performing SME loan. Any amount recovered from the SME in future, including any amount recovered through the disposal of collateral, if any, will be shared between the Government and the lending institution on a pro-rata basis according to their respective risks. (G) Form of Loan and Repayment Terms 19. The credit facility will take the form of a term loan and repayment to the lending institutions will be by instalments, with an interval between each instalment not exceeding three months. This will help to minimise the amount of loss to the participating lending institutions and the Government in the event of default. The first instalment should take place not later than six months after the loan has been activated. (II) (A) SME Training Fund Objective and Eligibility 20. This scheme aims to provide financial assistance to SME employers and employees to attend training courses relevant to their business operation. All locally registered SMEs are eligible to apply. 21. The persons receiving training must be Hong Kong residents Note 2. For employers, the persons receiving training must be the proprietors, partners or shareholders actively engaged in the operation of the SME. For employees, the persons receiving training must be the salaried employees of SMEs. (B) Scope 22. The scheme will cover the following types of training - (a) training courses provided by local or overseas professional training organisations (including distant learning and online learning); and /(b).. Note 2 Hong Kong residents refers to persons who possess Hong Kong Identity Cards in accordance with Article 24 of the Basic Law of the Hong Kong Special Administrative Region. They do not necessarily be Hong Kong permanent residents.
7 FCR( )38 Page 7 (b) training courses commissioned by SMEs to suit their particular needs, and conducted by local or overseas professional training organisations or individual instructors. 23. However, if an SME is already receiving subsidies from other specific Government funding schemes for sending the same employers/employees to attend the same training courses as being applied for under this scheme, the application will not be supported. Likewise, courses that have already been funded by a specific funding scheme, e.g. Innovation and Technology Fund, Skills Upgrading Scheme, will not be eligible. An SME which intends to send its employer or employee to attend such a training course cannot apply for funding under this scheme. (C) Assessment Criteria and Vetting Process 24. Training courses subsidised by the scheme must be relevant to the business operation of the applicant SMEs. Accordingly, applicants will be required to provide information on their scope of businesses, the training courses applied for and the training institutions concerned, as well as other additional information and/or supporting documents as necessary. (D) Ceilings 25. The maximum cumulative amount of financial support that an SME may obtain from the scheme is $10,000 for employees training, and $5,000 for employers training respectively. The support will be granted on a dollar-for-dollar matching basis between the Government and the SME concerned. The total commitment for this fund is $400 million. (E) Application Procedure 26. An SME will be required to obtain in-principle funding approval from the scheme prior to sending its employers and/or employees to attend the training courses concerned. The approved amount will be reimbursed to the SME upon completion of the training. Applications will be accepted all year round and processed on a first-come-first-served basis. /(III)..
8 FCR( )38 Page 8 (III) SME Export Marketing Fund (A) Objective and Eligibility 27. The scheme aims at helping SMEs expand their businesses through active participation in export marketing activities, such as trade fairs and study missions. All locally registered SMEs are eligible to apply. (B) Scope 28. The scheme will help SMEs cover part of their expenditure on various spending items in relation to their participation in marketing activities, including participation fees charged by the organiser, travelling expenses and hotel accommodation expenses. Market promotion activities cover local and overseas trade fairs and exhibitions as well as study missions outside Hong Kong. (C) Assessment Criteria and Vetting Process 29. To qualify for financial support under the scheme, the promotion activities should be organised by experienced and reputable organisations/ companies and directly relevant to the business of the SME applicants. Accordingly, applicants will be required to provide information on details of the promotional activities and the company profile of the organisers, as well as other additional information and/or other supporting documents as necessary. (D) Ceilings 30. The financial support will be granted on a dollar-for-dollar matching basis between the Government and the SME concerned. The maximum amount of support for an SME is $10,000. Each successful applicant will only be subsidised once under the scheme, even if the amount granted for the successful application is less than $10,000. The total commitment for this scheme is $300 million. (E) Application Procedure 31. An SME has to obtain in-principle funding approval from the scheme prior to participating in the promotional activities. The approved amount will be reimbursed to the SME concerned afterwards. Applications will be accepted all year round and processed on a first-come-first-served basis. /(IV)..
9 FCR( )38 Page 9 (IV) SME Development Fund (A) Objective and Eligibility 32. This scheme aims at subsidising projects to be carried out by eligible support organisations, trade and industrial organisations, professional bodies and research institutes to enhance the competitiveness of SMEs in general or SMEs in specific sectors. 33. All non-profit distributing support organisations, trade and industry organisations, professional bodies, and research institutes, which may be statutory organisations or organisations registered under local laws, are eligible to apply. Projects in receipt of other Government funding will not be funded. (B) Scope 34. Proposed projects should be conducive to the competitiveness of SMEs in general or SMEs in specific sectors and may include, for example, research studies, award schemes, codes of best practice, databases, conferences, and support facilities and services. 35. Manpower, equipment and other costs directly arising from an approved project (e.g. expenses for consumables, audit fees and consultant fees) will be fundable. Overhead expenses, such as rental, will not be funded. (C) Assessment Criteria and Vetting Process 36. A Vetting Committee, chaired by DGTI and comprising experts and representatives from different sectors, will be set up to assess applications and monitor the cost-effectiveness of funded projects. Where necessary, comments and advice will be sought from outside experts. A range of assessment criteria will be taken into account in assessing the applications, such as whether a proposed project will be able to enhance the competitiveness of SMEs in general or SMEs in specific sectors, the number of SMEs that may benefit from the project, the implementation timetable, the capability of the applicant organisation and the quality of the project team, the cost-effectiveness of the project, and the effectiveness of the means to be deployed to disseminate the outcome. /(D)..
10 FCR( )38 Page 10 (D) Ceilings 37. The maximum amount of funding support for an approved project will be $2 million, or 90% of the total project cost, whichever is less. The applicant organisation will have to contribute the remaining amount, which may be in cash, in kind, or in the form of third-party sponsorship. This requirement may however be waived under special circumstances, such as when the applicant organisation has demonstrated genuine difficulty in coming up with the required amount for carrying out a particularly worthwhile project. The total commitment for this scheme is $200 million. (E) Application Procedure 38. Applications will normally be invited twice a year. To ensure that applicants have sufficient resources to manage and control the projects, each applicant will only be allowed to submit a maximum of four applications in each tranche. (F) Monitoring of Funded Projects 39. Successful applicants will be required to sign a contract with TID. They will be required to submit progress and/or final reports to facilitate monitoring and evaluation and to ensure the objectives and quality of the funded projects have been met. (G) Intellectual Property Rights (IPR) 40. The recipient organisation will solely own all IPR arising from a funded project but it will be required to make available the project results to local SMEs. Where public interests are involved, or in order to fulfill the objective of providing assistance to local SMEs, the recipient organisation may be required to grant unconditionally to the Government a non-exclusive perpetual royalty-free licence to exploit or dispose of the rights. ADMINISTRATION 41. All four funding schemes will be administered by TID, with DGTI as the Vote Controller. /IMPLEMENTATION..
11 FCR( )38 Page 11 IMPLEMENTATION TIMETABLE 42. Subject to Members funding approval, the four schemes will be launched in early Where possible, some of them may be launched before end of REVIEW AND MONITORING 43. We will closely monitor SMEs responses to the four funding schemes and provide the Legislative Council Panel on Commerce and Industry with a report setting out our initial observations four months after the funding schemes have come into operation. We will conduct a comprehensive review on the costeffectiveness, funding levels and the modus operandi of the four funding schemes one year after they start operation, as recommended by the SMEC. FINANCIAL IMPLICATIONS 44. The setting up of the four funding schemes will require a total commitment of $7.5 billion, and an expected maximum expenditure of $1.9 billion. In accordance with the CE s 2000 Policy Address, the residual amount under the Special Finance Scheme for SMEs (SFS) will be used to support the SMEs. Applying the overall default rate of 25% assumed by the SMEC for the SFS, we estimate that $1 billion will be available to meet the $1.9 billion expected maximum expenditure under the four proposed funding schemes. We will fund the balance from the General Revenue Account. However, the actual overall default rate for the SFS will not be known to us until April If the amount ultimately recouped from the SFS is more than adequate to cover the intended expenditure for the four funding schemes, we will consider how to make use of the surplus amount in the light of the outcome of the comprehensive review referred to in paragraph 43 above and other relevant considerations. 45. To operate the four funding schemes, we shall create four time-limited non-directorate civil service posts with a full annual average staff cost of $3.4 million and provide $4.8 million in a full year for hiring non-civil service contract staff and for meeting other related operating expenses for four years. We will include sufficient provision in the draft Estimates to meet the cost of this proposal. Any additional resource requirement that is needed to start the funding schemes in will be absorbed by TID within its existing resources. /46...
12 FCR( )38 Page There will not be any revenue implications arising from the four proposed funding schemes, as no application or administrative fees will be charged on the applicants. BACKGROUND INFORMATION 47. In his Policy Address in October 2000, the CE reaffirmed the importance of SMEs as an important pillar of Hong Kong s economy, and the Government s commitment to helping the development of SMEs. The SMEC was tasked with the responsibility to explore new measures to support SMEs and to come up with practical recommendations. Encl The SMEC submitted a report on SME support measures to the CE on 27 June The key recommendation of the SMEC is to set up four funding schemes with a total capital allocation of $1.3 billion. They are, namely, the SME Business Installations and Equipment Loan Guarantee Scheme, the SME Training Fund, the SME Export Marketing Fund, and the SME Development Fund. A summary of the SMEC s original recommendations regarding the four funding schemes is provided at Enclosure The SMEC Chairman, its Working Group convenors, and representatives from Commerce and Industry Bureau and TID, attended the Commerce and Industry Panel meeting on 9 July 2001 to brief Members on the SMEC s recommendations. We note that Members have expressed the wish to see an increase in government s financial commitment to the four funding schemes as well as their early implementation. 50. In the 2001 Policy Address, the CE announced his decision to accept all the 30 or so recommendations of the SMEC, and to inject a total amount of $1.9 billion to set up the four funding schemes. 51. We consulted the Commerce and Industry Panel on the proposed operational details of the four funding schemes on 22 October Panel Members were in general supportive of the proposals for setting up the four funding schemes and the proposed operational details. On the BIG, Members requested the Administration to consider also providing loan guarantee for financing or refinancing machinery and installations already in SMEs possession, so as to provide relief to SMEs that have cashflow difficulties. They also requested the Administration to provide them with an interim assessment of the SFS. After the Panel meeting, the Administration has issued a written note to Members on the two issues. /52...
13 FCR( )38 Page Also, some Panel Members were of the view that the amount that an individual could obtain from the STF and the EMF respectively was inadequate to meet their training and export marketing needs. We explained to Members that the primary objective of the two funding schemes was to provide SMEs with the incentive to invest in human resource development and export marketing, by covering part of their costs instead of subsidising their entire expenditure. We will review the funding levels of the four funding schemes in the comprehensive review to be conducted one year after the funding schemes have started operation. 53. In working out the details of the funding schemes, we have also taken into account the views of the business community, in particular associations representing SMEs, relevant industry support organisations, and interested parties such as the Hong Kong Association of Banks and the Deposit Taking Companies Association Commerce and Industry Bureau November 2001
14 Enclosure 1 to FCR( )38 The capital amount of the four funding schemes and the number of SMEs likely to benefit from the schemes Capital amount Maximum amount per SME Minimum no. of SMEs likely to benefit SME Business Installations and Equipment Loan Guarantee Scheme SME Development Fund SME Training Fund $1 billion $200 million Employees training (Note 3) : $300 million Employers training : $100 million $1 million or 50% of the approved loan amount, whichever is the less SMEs (Note 5) $2 million per project SMEs (Note 6) Employees training : $10,000 Employers training : $5,000 Employees training : SMEs Employers training : SMEs SME Export Marketing Fund Total (Note 4) $300 million $1.9 billion $10,000 (Note 7) SMEs SMEs (Note 3) (Note 4) (Note 5) (Note 6) (Note 7) In his Budget, the Financial Secretary announced the setting aside of $300 million for the establishment of a training fund to subsidise SMEs staff training initiatives. We shall fund the four schemes using the funds recouped from the SFS. Assuming an overall default rate of 25% of the SFS, we estimate that $1 billion will be available for this purpose. Any residual amount will be funded by the General Revenue Account. On the assumption that the overall default rate of the scheme will be 15%, we can leverage on the capital amount of $1 billion to provide guarantees up to $6.6 billion. If so, the total amount of loan facilities available will be $13.2 billion. At least SMEs will benefit from the scheme. If each successful applicant receives the maximum subsidy amount of $2 million, then 100 projects will be funded. On the assumption that a funded project would on average benefit 200 SMEs, SMEs would benefit from the scheme. The figure is based on the assumption that there are no overlapping of SMEs as beneficiaries among the various funding schemes.
15 Enclosure 2 to FCR( )38 SMEC s Recommendations Regarding the Four Funding Schemes SME Business Installations and Equipment Loan Guarantee Scheme Government to set aside $500 million to help SMEs secure loans from banks and financial institutions for procuring business installations and equipment by providing government guarantee of up to 50% of the loan amount, or $500,000 per company, whichever is less. The maximum period of guarantee should be three years. The SMEC estimates that, under normal circumstances, the default rate should not exceed 15%. Hence with a capital amount of $500 million, the SMEC recommended the Government to commit a total of $3.3 billion as the maximum amount of guarantee under the scheme. The scheme will therefore help SMEs raise at least $6.6 billion in the market, benefiting about SMEs. SME Export Marketing Fund 2. Government to set aside $200 million to support SMEs to participate in export promotion activities, including trade fairs held overseas or locally, and overseas study missions. The maximum amount of funding support that an SME could obtain is 50% of the expenditures on fundable items, or $10,000, whichever is less. The SMEC estimates that, through the scheme, at least SMEs will benefit. SME Training Fund 3. Government to set aside $400 million for SME training. The Fund will comprise two parts. First, in response to the Financial Secretary s proposal in the Budget Speech, $300 million will be set aside to subsidise SME employers to provide, on a dollar-to-dollar matching basis, job-related training to their employees. The maximum cumulative amount of training fund for each SME will be $10,000. Second, another $100 million will be set aside to subsidise SME employer training on a dollar-to-dollar matching basis and subject to a cumulative ceiling of $5,000 for each SME. The SMEC estimates that employees of at least SMEs and employers of at least SMEs will benefit. /SME.
16 - 2 - SME Development Fund 4. Government to set aside $200 million to provide financial assistance to industry support organisations, trade and industrial organisations, professional bodies and research institutes to carry out projects that would help enhance the competitiveness of SMEs in general or for special sectors. The maximum financial assistance for each funded project is $2 million. The SMEC estimates that the scheme can provide funding for at least 100 projects. On the assumption that a funded project would on average benefit 200 SMEs, SMEs will benefit from the scheme.
For discussion on 24 January 2003 FCR(2002-03)53 ITEM FOR FINANCE COMMITTEE HEAD 181 - TRADE AND INDUSTRY DEPARTMENT Subhead 700 General other non-recurrent Item 520 SME Business Installations and Equipment
LC Paper No. CB(1)1849/06-07(03) LEGISLATIVE COUNCIL PANEL ON COMMERCE AND INDUSTRY Small and Medium Enterprise (SME) Funding Schemes Introduction This paper gives an update on the operation of the SME
For discussion on 25 April 2003 FCR(2003-04)6 ITEM FOR FINANCE COMMITTEE HEAD 157 GOVERNMENT SECRETARIAT : ECONOMIC DEVELOPMENT AND LABOUR BUREAU (LABOUR BRANCH) Subhead 700 General other non-recurrent
SECTION 7 F unding Support for Private Enterprises This section introduces the funding support from the Government available for private enterprises. SME Funding Programmes There are two SME funding programmes
LC Paper No. CB(1)1779/03-04(01) For information Legislative Council Panel on Financial Affairs The Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries Introduction This paper
For discussion on 7 December 2012 FCR(2012-13)59 ITEM FOR FINANCE COMMITTEE HEAD 94 LEGAL AID DEPARTMENT Subhead 700 General non-recurrent New Item Injection into the Supplementary Legal Aid Fund Members
Motion on Small and Medium Enterprises Financing Guarantee Scheme moved by Hon CHUNG Kwok-pan, as amended by Hon Jeffrey LAM, Hon TANG Ka-piu and Hon Dennis Kwok at the Legislative Council meeting of 19
For discussion on 26 May 2000 FCR(2000-01)19 ITEM FOR FINANCE COMMITTEE HEAD 90 - LABOUR DEPARTMENT Subhead 700 General other non-recurrent New Item Youth Pre-employment Training Programme HEAD 146 - GOVERNMENT
For discussion on 12 November 1999 FCR(1999-2000)44 ITEM FOR FINANCE COMMITTEE LOAN FUND HEAD 254 LOANS TO STUDENTS Subhead 102 Non-means-tested loan scheme for students of governmentfunded tertiary institutions,
HK Electric Smart Power Fund Application Guideline Corporate Development Division 4/F Hongkong Electric Centre, 44 Kennedy Road, Hong Kong Hotline : 2887 3455 Fax : 2810 0506 Email : email@example.com
For discussion on 8 June 2012 FCR(2012-13)39 ITEM FOR FINANCE COMMITTEE CAPITAL WORKS RESERVE FUND HEAD 710 COMPUTERISATION Office of the Government Chief Information Officer New Subhead Implementation
LC Paper No. CB(1)1045/15-16(03) For discussion on 21 June 2016 Legislative Council Panel on Commerce and Industry Innovation and Technology Venture Fund PURPOSE This paper seeks Members support for the
207 Memorandum Note The Bond Fund was established by the Resolution passed by the Legislative Council under section 29 of the Public Finance Ordinance (Cap. 2) on 8 July 2009 in connection with the implementation
CB(1)1430/04-05(03) For discussion on 9 May 2005 Legislative Council Panel on Information Technology and Broadcasting Proposed Creation of a Supernumerary Senior Principal Executive Officer Post as Head,
Frequently Asked Questions (FAQs) for Recycling Fund Applicants Industry Support Programme (ISP) 1. Eligibility 1.1 What is the Primary Objective of the Recycling Fund? The primary objective of establishing
Controlling officer: the Secretary-General, University Grants Committee will account for expenditure under this Head. Estimate 2015 16... $16,988.1m Establishment ceiling 2015 16 (notional annual mid-point
1 Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL 16 July 2007 Final version Note of the Commission services on Financial Engineering
For discussion on 20 April 2007 FCR(2007-08)2 ITEM FOR FINANCE COMMITTEE HEAD 156 GOVERNMENT SECRETARIAT : EDUCATION AND MANPOWER BUREAU New Capital Account Subhead Open University of Hong Kong New Item
For discussion on 9 June 2006 FCR(2006-07)15 ITEM FOR FINANCE COMMITTEE HEAD 144 GOVERNMENT SECRETARIAT : CONSTITUTIONAL AFFAIRS BUREAU Subhead 000 Operational expenses HEAD 96 GOVERNMENT SECRETARIAT :
PITTSBURGH ENTREPRENEUR FUND Program Guidelines I. Statement of Purpose The Pittsburgh Entrepreneur Fund (PEF) will provide capital for new and growing businesses, including emerging technology-based firms,
Controlling officer: the Government Chief Information Officer will account for expenditure under this Head. Estimate 2015 16... $714.7m Establishment ceiling 2015 16 (notional annual mid-point salary value)
For discussion on 25 May 2012 FCR(2012-13)28 ITEM FOR FINANCE COMMITTEE LOAN FUND HEAD 252 LOANS TO SCHOOLS/TEACHERS Subhead 104 Loans to non-profit-making international schools Capital assistance loan
Basic Law Promotion Sponsorship Scheme Guide to Application Constitutional and Mainland Affairs Bureau June 2014 Basic Law Promotion Sponsorship Scheme Guide to Application Table of Contents Page I. Introduction
For discussion on 1 December 2000 FCR(2000-01)51 ITEM FOR FINANCE COMMITTEE HEAD 176 SUBVENTIONS : MISCELLANEOUS New Capital Account Subhead Grant to the Open University of Hong Kong for implementation
SENATE BILL No. Introduced by Senator Ducheny February, 00 An act to amend Section 00 of, and to add Article 0 (commencing with Section 0) to Chapter of Part of Division of Title of, the Corporations Code,
City University of Hong Kong Technology Start-up Support Scheme for Universities Application and Reimbursement Guidelines Objective of the Scheme 1. In 2014-15, the Innovation and Technology Commission
For discussion on 8 June 2012 FCR(2012-13)40 ITEM FOR FINANCE COMMITTEE LOAN FUND HEAD 252 LOANS TO SCHOOLS/TEACHERS Subhead 104 Loans to non-profit-making international schools Capital assistance loan
Board Charter SCENTRE GROUP LIMITED ABN 66 001 671 496 SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1 ABN 55 191 750 378 ARSN 090 849
Controlling officer: the Government Chief Information Officer will account for expenditure under this Head. Estimate 2014 15... $690.2m Establishment ceiling 2014 15 (notional annual mid-point salary value)
Public Finance and Expenditure Management Law Chapter one General provisions Article one. The basis This law has been enacted in consideration of Article 75, paragraph 4 of the Constitution of Afghanistan
INFORMATION NOTE Development of self-financing post-secondary sector 1. Background 1.1 At the meeting of the Panel on Education ("Panel") held on 13 October 2011, members agreed that the Panel should be
File Ref: HAB/CR 19/1/2 LEGISLATIVE COUNCIL BRIEF Legal Aid Ordinance (Chapter 91) PROPOSED RESOLUTION UNDER THE LEGAL AID ORDINANCE INTRODUCTION Annex Pursuant to section 7(b) of the Legal Aid Ordinance
Creative England Business Loan Fund Application Guidelines September 2015 1 Business Loan Fund background information Overview, aims and objectives Creative England operates with the core purpose of supporting
Financial supports for business ii COONEY CAREY Financial Supports for Business CONTENTS page service page service 01 Introduction 01 Overview 01 Enterprise Ireland 01 County Enterprise Board 01 Údarás
For discussion on 6 December 2013 FCR(2013-14)40 ITEM FOR FINANCE COMMITTEE HEAD 156 GOVERNMENT SECRETARIAT: EDUCATION BUREAU Subhead 871 Vocational Training Council New Item Enhancement of information
For discussion on 4 December 2013 EC(2013-14)8 ITEM FOR ESTABLISHMENT SUBCOMMITTEE OF FINANCE COMMITTEE HEAD 163 REGISTRATION AND ELECTORAL OFFICE Subhead 000 Operational expenses Members are invited to
Applicant Guidance Notes - Flexible Business Support Grants Introduction Gloucester City Council is actively encouraging a thriving local economy and, as a part of this, is looking to support new business
立 法 會 Legislative Council LC Paper No. CB(2)543/06-07(02) Ref : CB2/PL/ED Panel on Background brief prepared by the Legislative Council Secretariat for the meeting on 11 December 2006 Sub-degree education
For discussion on 17 April 2015 FCR(2015-16)3 ITEM FOR FINANCE COMMITTEE LOAN FUND NEW HEAD Private Hospital Development New Subhead Loan for the CUHK Medical Centre Development Project Members are invited
Creative England Business Loan Fund Application Guidelines June 2016 1 Business Loan Fund background information Overview, aims and objectives Creative England operates with the core purpose of supporting
Progress Report on Motion on Encouraging the return of the industrial sector for development to make Hong Kong s industries more diversified at Legislative Council Meeting of 19 March 2014 At the Legislative
Approved by the Ordinary Shareholders Meeting 18 June 2010 HTC Corporation Operational Procedures for Lending Funds to Others Article 1 Purpose and basis These Operational Procedures are adopted pursuant
E CABINET 9 APRIL 2013 BUSINESS LOAN FUND REPORT OF THE CHIEF EXECUTIVE Purpose of the Report PART A 1. To seek approval for the establishment of a Business Loan Fund for small business in Leicestershire.
Fundamentals Level Skills Module Taxation (Hong Kong) Monday 7 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates
SME Banking-Africa A Unique Opportunity for the Continent Key Messages More to be done The opportunity Challenges in SME financing Profitable segment A proposed solution 2 SMEs in Africa- The Missing Middle
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
EUROPEAN COMMISSION European Social Fund Guidance on standard scales of unit costs and lump sums adopted under Article 14(1) Reg. (EU) 1304/2013 Version of June 2015 Please consult http://ec.europa.eu/esf/sco
1. Policy purpose and overview The purpose of the Revenue and financing policy is to provide predictability and certainty about sources and levels of funding available to the council. It explains the rationale
Accounting for Infrastructure Projects within Enterprise Zones (EZ) and Tax Increment Financing (TIF) Funded Programmes. Background 1 A number of initiatives are under way that involve local authorities
EUROPEAN COMMISSION Executive Agency for Small and Medium-sized Enterprises (EASME) Department A - Operations Unit A1 - COSME Frequently Asked Questions version 3.0 09.09.2014 COS-WP2014-2-05- Call for
Introduction The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in
Speech by the Director of Audit on Public Sector Governance: The Role of the Director of Audit to the Hong Kong Branch, Certified Management Accountants Society of British Columbia, Canada on 12 June 2007
PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
A GUIDE TO THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE Issued by THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES Level 16, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong. ORS/C/5
Financial Statements June 30, 2015 and 2014 Medical Facility Infrastructure Loan Program MEDICAL FACILITY INFRASTRUCTURE LOAN PROGRAM Table of Contents Exhibits Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT
Idaho Collateral Support Program Participation Guide Table of Contents V3 05-10-13 Table of Contents Summary Section 1: Eligibility Requirements a) Participating Lenders b) Borrowers c) Loans Section 2:
CANADIAN NORTHERN ECONOMIC DEVELOPMENT AGENCY Statement of Management Responsibility Responsibility for the integrity and objectivity of the accompanying financial statements for the initial period starting
Hang Seng Hang Seng Platinum Card / Credit Card / 1. Applicant(s) must be Hong Kong residents and be at least 18 years of age with minimum annual income of HK$150,000 or above (except Full-time student).
Memorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme Purpose and Scope 1 The Financial Services Compensation Scheme (the Scheme) exists, under
the European Economic Area (EEA) Financial Mechanism 2009-2014 adopted by the EEA Financial Mechanism Committee pursuant to Article 8.8 of Protocol 38b to the EEA Agreement on 13 January 2011 and confirmed
File Ref: TsyB R 183/800-1-1/38/0 (C) LEGISLATIVE COUNCIL BRIEF Inland Revenue Ordinance (Chapter 112) INLAND REVENUE (DOUBLE TAXATION RELIEF AND PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME)
Regulation on the implementation of the Norwegian Financial Mechanism 2009-2014 adopted by the Norwegian Ministry of Foreign Affairs pursuant to Article 8.8 of the Agreement between the Kingdom of Norway
Creative England Business Loan Fund Application Guidelines August 2014 1 Business Loan Fund background information Overview, aims and objectives Creative England operates with the core purpose of supporting
NORTH CAROLINA COMMUNITY COLLEGE SYSTEM R. Scott Ralls, Ph.D. President 20 May 2014 IMPORTANT INFORMATION MEMORANDUM TO: FROM: RE: Members of the State Board of Community Colleges, Community College Presidents,
Sample Annex II This Undertaking is made on In favour of (Date) The Government of the Hong Kong Special Administrative Region as represented by the Secretary for Home Affairs (SHA) Arts Development Fund
Chapter 1 GENERAL CHAPTER 1 INTERPRETATION For the avoidance of doubt, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited apply only to matters related to those securities
1 L.R.O. 2007 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Small business. 4. Approved small business
CB(1)1458/10-11(04) For information on 7 March 2011 Legislative Council Panel on Financial Affairs Reverse Mortgage Pilot Scheme Purpose This paper briefs Members on the Reverse Mortgage Pilot Scheme that
CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1
MADISON COUNTY PARK AND RECREATION GRANTS COMMISSION CAPITAL IMPROVEMENTS LOW INTEREST LOAN PROGRAM APPLICATION GUIDE Summary: Madison County has designated Madison County Community Development to administer
Controlling officer: the Head, Working Family and Student Financial Assistance Agency will account for expenditure under this Head. Estimate 2015 16... $5,555.3m Establishment ceiling 2015 16 (notional
For discussion on 8 March 2002 FCR(2001-02)66 ITEM FOR FINANCE COMMITTEE CAPITAL WORKS RESERVE FUND HEAD 710 - COMPUTERISATION Government Secretariat : Commerce and Industry Bureau Subhead A008XV Electronic
LC Paper No. CB(2)2258/10-11(05) For Discussion on 8 July 2011 LEGISLATIVE COUNCIL PANEL ON HOME AFFAIRS Regulation of the Property Management Industry Introduction This paper briefs Members on the key
CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16
Financial Statements and Independent Auditors Report for the years ended December 31, 2011 and 2010 Blazek & Vetterling C ERTIFIED P UBLIC A CCOUNTANTS Independent Auditors Report To the Board of Directors
4. Financial assistance for investors: Grants and incentives An introduction from the UK Department for Business, Enterprise and Regulatory Reform There is growing interest from international companies
PROPOSED STATUTORY BOARD FINANCIAL REPORTING STANDARD GUIDANCE NOTE 3 Exposure Draft of Proposed Accounting and Disclosures for Trust Funds Comments to be received by 6 March 2009 This exposure draft Accounting
Office of the Regulator of Community Interest Companies: information and guidance notes Chapter 9: Corporate Governance MARCH 2013 Contents 9.1. Role of Directors and Members...3 9.1.1. Corporate Governance
Our Ref.: B4/1C 14 September 2012 The Chief Executive All Authorized Institutions Dear Sir/Madam, Prudential Measures for Property Mortgage Loans The Hong Kong Monetary Authority (HKMA) notices that there
CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: HONG KONG MARKET ANNEX 1. Definitions and Interpretation 1.1 In this Securities Dealing Services: Hong Kong Market Annex, including the Schedule, capitalised
REVENUES & BENEFITS SHARED SERVICE STATEMENT OF ACCOUNTS 2012/13 LANCASTER CITY COUNCIL PRESTON CITY COUNCIL CONTENTS Page Explanatory Foreword 2 Statement of Responsibilities 5 Statement of Accounting
GLENVILLE LOCAL DEVELOPMENT CORPORATION BUSINESS ASSISTANCE LOAN PROGRAM GUIDELINES FOR DIRECT FINANCIAL ASSISTANCE Prepared by: Shelter Planning & Development, Inc. 94 Glenwood Avenue Queensbury, NY 12804