Here are 6 support measures to boost SMEs growth

Over 1.2 million members of the sector are set to benefit.

In his 2013 Budget Speech, Financial Secretary John Tsang proposed 6 support measures that will help keep business running, create more employment and enhance people's job security.

These measures include:

1) extend the application period for the special concessionary measures under the SME Financing Guarantee Scheme for one year to the end of February 2014.

2) make use of of the $1 billion BUD Fund set up last June to assist Hong Kong enterprises to enhance their competitiveness in the Mainland through upgrading and restructuring, developing brands and promoting domestic sales in the Mainland.

3) set up more Design Galleries in Mainland cities other than Beijing and Guangzhou to offer platforms for Hong Kong enterprises, especially SMEs, to showcase their products.

4) increase the cumulative amount of the grant for SMEs under the SME Export Marketing Fund from $150,000 to $200,000, subject to the meeting of relevant additional conditions.

5) introduce a "Small Business Policy" (SBP) scheme for Hong Kong enterprises with an annual business turnover of less than $50 million, providing exporters with more flexibility in taking out insurance cover.

6) upgrade the ratings of Turkey and the Philippines following the rating upgrades countries including Russia, Indonesia and Peru last year.

Financial Secretary John Tsang also stressed, SMEs are an important pillar of Hong Kong's economy and employment market. They form the majority of enterprises in Hong Kong and employ over 1.2 million people or half the private-sector workforce.