Jeonnam Province Selects 59 Promising Small and Medium Enterprises

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province (Governor Kim Young-rok) announced on the 20th that it has selected 59 companies with high growth potential and excellent technological capabilities as this year’s ‘Jeonnam Promising Small and Medium Enterprises (SMEs).’

Since 2013 until last year, Jeonnam Province has designated 527 SMEs with high growth potential as promising SMEs, fostering them as strong local companies that will lead regional economic revitalization and job creation.

The companies selected this year are manufacturing firms that have operated business sites in Jeonnam for more than three years and have achieved an average sales revenue of over 3 billion KRW over three years. These companies received high evaluations in areas such as financial soundness, growth potential, technological capability, and job creation.

Selected companies will receive preferential benefits such as increased limits on Jeonnam SME development funds and loan interest support for the next three years, as well as additional points when participating in various SME support projects including market expansion and export sectors.

Ahn Sang-hyun, Director of the Economic and Energy Bureau of Jeonnam Province, said, “In a situation where the domestic and international economies are sluggish due to COVID-19, fostering competitive SMEs is more important than ever,” adding, “We will prepare various support measures so that promising SMEs can grow into a solid pillar leading regional economic development.”

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