TVP funding is a government program launched by the Hong Kong government that aims at supporting local businesses to use technological services and solutions to improve productivity and transform their business processes. In this TVP funding program, there can be funding up to $60,000 for each eligible applicant. Every eligible applicant must follow all the rules while applying for the funding. Any failure to the rules provided by the TVP funding can lead to rejection of your application.
An eligible applicant can start working on the project the next day after submitting the application for the TVP funding program. Any applicant who is considering to do so must submit a duly completed “Declaration and Undertaking” to the ITC within five working days after the day of submission of the application. If the application is successful, the funding will be provided to the approved project expenditure incurred after commencement. But there are many chances of rejection of your application. This can happen due to a lack of maintaining the rules of the program. The application must have failed to provide all the asked information. There must be something lacking in the application like you must not have provided the requisite number of quotations or not selected the lowest conforming bid. If there is a case like that, then the government will not bear the expenditure that has been incurred for the project so far. There will not be any funds provided to the applicant. The applicant has to bear all the costs of the project. If the applicants choose to commence their project without knowing the result of their application for the funding program, they will not be able to claim any compensation from the government for the financial losses they have to bear. While successful applicants can carry out their project with the funds granted and take care of their work proceedings.