(29 October 2019, Hong Kong) Thank you for your patience. Following our announcement on 4 October 2019, here follows more details of the first phase of the Crunch Time Instant Relief Fund, which will see the disbursement of HK$200 million to support the F&B industry. Qualified SMEs in the F&B industry will receive a cash grant of HK$60,000 by the end of November.
Why F&B first? For the past several months, Hong Kong’s Food & Beverage (F&B) sector has been severely impacted and their revenue dropped by approximately 30%, and about 200 outlets have since shut down and their employees dismissed.
To ensure a streamlined application for speedy disbursements, the Foundation is adopting a “trust more, stress less“ attitude towards vetting. We fundamentally believe an affective attitude should bring forth honest behaviour. Qualified SMEs with fewer than 50 employees and in possession of a valid Business Registration and proper F&B Licence (General Restaurant/Light Refreshment/Siu Mei or Lo Mei Shop) are eligible to apply. (For more details please refer to the Q&As section below.)
The present framework is supported by industry’s trade and merchant associations who expressly preferred a swift, simple, and direct process course of action. Qualified SMEs can submit applications online directly on a dedicated website which will go live 8 November 2019. They can also seek help from industry associations should they encounter any difficulties in making the application. The Foundation is also engaged in talks with retail industry representatives on the next phase to support retail establishments.
The Foundation is pleased to extend a helping hand to SMEs in their hour of need. We welcome suggestions and comments from different sectors to tweak and enhance our forthcoming programmes.
With everyone in Hong Kong, we will get through these tough times together.
Crunch Time Instant Relief Fund Q&As
What documents are required for the application?
- 1.Copy of valid Business Registration;
- 2.Copy of relevant F&B licence (General Restaurant/Light Refreshment/Siu Mei or Lo Mei Shop). Licence must be granted prior to 1 May 2019 and valid on the date of application; and
- 3.A digital photograph showing the shop front.
Why a grant of HK$60,000?Following detailed discussions with industry representatives, the Foundation believes that this amount will be able to provide temporary relief for many SMEs.
When will the grants be disbursed?Details of the programme will be announced on (www.lksfsme.hk) on 8 November. The application period runs from 09:00 on 8 November until 17:00 on 17 November, and grants will be disbursed near the end of November.
How can I submit an application online if I don’t know how to use a computer?To streamline the process, we are only accepting online application submissions. If you experience any difficulties in submitting the application, please contact the local F&B association of your choice for assistance.
Please send us an email at email@example.com should you have any questions.
About the Li Ka Shing FoundationThe Li Ka Shing Foundation was established in 1980 to work on education, medical services and research initiatives. To date, Mr. Li has invested over HK$26 billion across 27 countries and regions, with about 80% of the projects within the Greater China region. In 2006, Mr. Li described his philanthropic effort as akin to having another son in the family. He called for a paradigm shift in our Asian culture of giving, through apportioning more of our wealth and means towards social capital so that we could bring forth great hope and promises for the future.
For media inquiries, please contact:Li Ka Shing Foundation