[2020 National Audit] Kim Hak-do "Post-Corona... Leading Corporate Innovation Growth"

Chairman of the Small and Medium Business Corporation

Kim Hak-do, President of the Small and Medium Business Corporation, is reporting on the current business status at the National Assembly's Industry, Trade, Energy, Small and Medium Business Committee's audit of the Small and Medium Business Corporation held on the 19th.

[Asia Economy Reporter Kim Daeseop] "In response to the post-COVID-19 era, we will further strengthen the role of the social safety net and lead the innovative growth of small and medium-sized venture enterprises through digital innovation and regional and industrial innovation."

Kim Hak-do, President of the Small and Medium Business Corporation (SBC), said this on the 19th at the National Assembly’s Industry, Trade, and Small and Medium Venture Business Committee’s SBC audit, adding, "We are doing our best to overcome the management crisis by urgently supporting policy funds through the National Assembly’s supplementary budget increase for small and medium venture enterprises struggling due to the sudden impact of the novel coronavirus infection (COVID-19)."

During the SBC business status report that day, President Kim emphasized, "For the past 41 years, SBC has been fully committed to strengthening the competitiveness of small and medium venture enterprises by executing various projects such as policy fund loans, export marketing, workforce training, and startup and technology support at the frontline." He also explained major policy projects for social safety nets, digital innovation, and regional industrial innovation.

To support COVID-19 damage and respond to economic uncertainty, SBC increased funds by a total of 1.7 trillion KRW through fund changes and supplementary budgets. Small and medium enterprises operating high-risk facilities facing business difficulties due to COVID-19 quarantine measures such as assembly bans were included in the emergency management stabilization fund support targets.

In addition, in response to the prolonged COVID-19 situation, support for business normalization of short-term liquidity crisis companies such as marginal companies and companies exceeding debt ratios is being strengthened. Criteria related to past delinquency records have been relaxed, and a dedicated loan review system for marginal companies and a third-party revaluation system for companies exceeding debt ratios have been introduced.

A data- and digital-based non-face-to-face (untact) financial support system is also being established. Non-face-to-face consultation and evaluation methods are being developed based on companies’ financial and non-financial data, improving accessibility and convenience for policy users. AI- and big data-based consultation services (chatbots) have been built to respond to consultation demands such as policy fund counseling and customer-tailored fund recommendations.

President Kim said, "We plan to advance the consultation and evaluation stages using AI technology and establish a fully non-face-to-face system for all stages of policy fund support, including the introduction of electronic contracts."

SBC is also accelerating regional industry development and innovative growth. To strengthen regional innovation infrastructure, when three or more regional companies jointly carry out a project, cooperative projects support workplaces, facilities, and initial operating funds. Export voucher project improvements, export resumption support, and new fund allocations are also providing emergency support to companies affected by COVID-19 export damage.

President Kim stated, "We will strive to support the global expansion of small businesses and export growth, and to create differentiated operational achievements in untact projects responding to COVID-19. We will also strengthen job matching expansion, long-term employment support, and the transition of startup support programs to untact methods."

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