Ministry of Environment "Preparing for Post-Corona... 11.2 Billion KRW Invested to Support Small and Medium Environmental Companies"

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Environment will begin supporting 42 companies selected for this year's 'Small and Medium Environmental Enterprises Commercialization Support Project' to prepare for the post-COVID-19 economy.

Applications for the support project were accepted from January 30 to February 13 through the Commercialization Support System managed by the Korea Environmental Industry & Technology Institute.

After about three months of evaluation, 42 companies with promising environmental technologies were finally selected. These are companies that have developed environmental technologies within the last five years or have acquired related technologies transferred from public research institutions such as universities.

The Ministry of Environment has significantly increased the scale of support this year for small and medium environmental enterprises that may face temporary liquidity crises due to the novel coronavirus infection (COVID-19).

The support budget has been expanded to a total of 11.2 billion KRW, 2.3 times more than last year. The number of supported companies increased from 23 last year to 42 this year. The maximum support per company was also raised from 200 million KRW to 330 million KRW.

The 42 companies selected for support this year can receive various forms of assistance for up to 15 months, including commercialization funds, commercialization promotion consulting, and attracting private investment to help grow their business scale.

The Ministry of Environment will also provide emergency support of 400 million KRW for legal advice and litigation costs for small and medium environmental enterprises facing legal disputes due to COVID-19.

Kim Dong-gu, Director of Environmental Economy Policy at the Ministry of Environment, stated, "We will discover various support projects and prepare institutional improvement measures to help small and medium environmental enterprises overcome difficulties caused by COVID-19."

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