SBC, 25th Small and Medium Venture Business and Small Merchant Financial Support Presidential Award Winner

Contribution to Stabilizing Small Business Management through a 3 Trillion Won Emergency Loan to Overcome the COVID-19 Crisis

Jo Bong-hwan, President of the Small Enterprise and Market Service (right), Park Young-sun, Minister (center), and Yoon Jong-won, President of Industrial Bank of Korea (left), posing after receiving the Presidential Award for Financial Support for Small and Medium Venture Businesses.
[Photo by Sojin Gong]

[Asia Economy Reporter Kim Jong-hwa] The Small Enterprise and Market Service (SEMAS) received the Presidential Citation in the group category at the '25th Small and Medium Venture Business Financial Support Awards Ceremony' held on the 17th at the Korea Federation of SMEs in Seoul.

Hosted by the Ministry of SMEs and Startups, the Small and Medium Venture Business Financial Support Awards Ceremony marks its 25th year this year as a traditional event in the financial sector of the ministry. The government and related institutions award individuals and groups who have made significant contributions to revitalizing financial support for small and medium enterprises and small business owners, as well as boosting the morale of those working in the financial sector.

SEMAS, a quasi-governmental agency under the Ministry of SMEs and Startups, managed a budget exceeding approximately 9 trillion won this year, including loan funds of 4.6 trillion won, 3 trillion won in New Hope Funds for small business owners, and 500 billion won in national subsidies.

In particular, this year, SEMAS was recognized for its contribution to overcoming the crisis and temporarily resolving financial difficulties by urgently providing about 3 trillion won worth of 'COVID-19 Management Stabilization Funds (loans)' to small business owners severely affected by the novel coronavirus disease (COVID-19).

Additionally, to prevent the spread of COVID-19 and facilitate convenient access for small business owners, SEMAS fully transitioned from the existing on-site application method (direct visits to 66 regional SEMAS centers nationwide) to a non-face-to-face online application system through the Small Business Policy Fund website, actively leading improvements in convenience for small business owners as policy beneficiaries by establishing a digital and online support system.

Jo Bong-hwan, Director of SEMAS, stated, "All SEMAS employees will work even harder so that all small business owners can recover as soon as possible," and added, "I also express my gratitude to all executives and staff who are working tirelessly day and night on the ground for small business owners facing crisis due to COVID-19."

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