Ministry of SMEs Expands Eligible Industries for 'Baeknyeon Gage' Applications

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 26th that it is recruiting 'Baeknyeon Gage' (Century-old Stores) and 'Baeknyeon Sogongin' (Century-old Small Artisans) in collaboration with the Small Enterprise and Market Service.

This recruitment is designed to discover and nurture excellent small business owners who have been operating for a long time. Baeknyeon Gage targets businesses that have been operating for over 30 years, and Baeknyeon Sogongin targets those over 15 years. Selection is based on a comprehensive evaluation of innovation willingness, distinctiveness and excellence, and growth capability. As of March this year, 334 Baeknyeon Gage and 100 Baeknyeon Sogongin have been selected.

This year, the eligible industries for Baeknyeon Gage applications have been expanded to all industries (excluding single manufacturing and industries excluded from policy fund loans). Various successful models will be discovered in repair services and other personal services (such as laundries, beauty salons, etc.). Previously, Baeknyeon Gage applications were limited to restaurants and wholesale/retail industries.

Additionally, the eligible company size, which was previously limited to small merchants and small enterprises, has been expanded to include small and medium enterprises. Furthermore, starting this year, through a public recommendation system, citizens can directly recommend excellent small business owners as Baeknyeon Gage and Baeknyeon Sogongin.

For Baeknyeon Gage recommended by the public, even if they do not meet the requirement of over 30 years of operation, they will be evaluated with a focus on growth potential and may be selected as public recommendation Baeknyeon Gage. The minimum operation period is 20 years.

Companies selected as Baeknyeon Gage and Baeknyeon Sogongin will receive a reduced loan interest rate (0.4 percentage points) when utilizing the newly established Innovation-type Small Business Fund (facility funds and working capital) this year. Baeknyeon Gage will also receive preferential benefits such as a 100% guarantee ratio and a fixed 0.8% guarantee fee rate when guaranteed by regional credit guarantee foundations.

Noh Gisu, head of the Regional Commercial District Division at the Ministry of SMEs and Startups, said, "We will select excellent small business owners with innovation willingness and growth capability as Baeknyeon Gage and Baeknyeon Sogongin and provide tailored support to lead the innovative growth of the small business ecosystem without sparing policy support."

This content was produced with the assistance of AI translation services.