Many FB companies have closed down due to protests. Li Ka Shing grants HK$60,000 each to 3,333 operators in FB industry. Who eligible & how to apply?
FB industry in Hong Kong is facing extremely difficult time over almost 5 months of protests. Actually, everyone in the FB industry is feeling the pain, whether you’re the employer or the employee.
Over 200 restaurants have already closed down in recent few months. While many F&B operators have already requested rental concessions , but not many shop landlords have offered generous rental relief to F&B tenants.
We can imagine how restaurants and bars are still battling against the impact by the frequent protests .
Li Ka Shing Foundation, a charity fund by Hong Kong tycoon Mr. Li, will disburse HK$200 Million to support the F&B industry in Hong Kong. Each qualified F&B operator can get a grant of HK$60,000.
Li Ka Shing Foundation
Since 198o, Mr. Li has set up Li Ka Shing Foundation to reform education and further medical research. The foundation has already assisted across 27 countries and regions with investment over HK$26 Billion.
In view of the impact to HK by recent protests, Li Ka Shing Foundation has announced to grant instant relief on 4 October 2019. Following this announcement, the Foundation announced the initial phase to support F&B industry on 29 October 2019. Definitely, it’s good news to all F&B operators in Hong Kong.
Why F&B Industry first to get the fund?
For previous few months, the protests have adversely affected F&B industry. Restaurant sales have already dropped by 30% on average. About 200 to 300 restaurants have closed down and dismissed their employees.
Notably, the tragic impact by the protests is far more severe than that happened during SARS period in 2003.
Li Ka Shing Foundation is the first non-government fund to support Hong Kong food & beverage industry.
Who in F&B Industry eligible for the fund?
For any FB operators who qualify the following criteria, they can apply a grant of HK$60,000 :
(1) Small & Medium Enterprises with less than 50 employees
(2) In possession of a valid Business Registration Certificate in Hong Kong
(3) In possession of a valid F&B Licence (General Restaurant Licence, Light Refreshment Licence, Siu Mei Shop or Lo Mei Shop)
(4) The F&B Licence must be granted before 1 May 2019
When & How to apply?
Details of the application of the grant will be announced on (www.lksfsme.hk) on November 2019.
The application period will last for 10 days, which starts from 09:00 on 8 November 2019 (Friday) to 17:00 on 17 November 2019 (Sunday). Also, the submission of application will be by online only.
Grant for qualified applicants will be disbursed near the end of November 2019.
If you are eligible to apply, please fill in the information via a form here. Good luck!
How many F&B operators can benefit?
According to Food & Environmental Hygiene Department, total number of restaurants in HK is around 15,500 by late April 2019. For number of General Restaurant Licence and Light Refreshment Licence, it’s approximately 11,500 and 4,000 respectively.
Total amount of the grant from Li Ka Shing Foundation to Hong Kong F&B industry is HK$200 Million, so that each out of 3,333 restaurants and bars can get HK$60,000 in cash.
If you’re qualified to apply this relief, don’t hesitate to submit your application. Hope all F&B operators will ride smoothly over the tide soon!