Korea Federation of SMEs Supports 'Joint Business Development' for SME Cooperatives

Support up to 15 million KRW per cooperative, applications accepted until the 31st

View of the Korea Federation of Small and Medium Business in Yeouido, Seoul. Photo by Asia Economy DB

[Asia Economy Reporter Kim Heeyoon] The Korea Federation of SMEs announced on the 7th that it will implement a specialized consulting support project for joint business development of SME cooperatives.

This project supports the development of joint business models and the revitalization of joint businesses for SME cooperatives. Eligible recipients are SME cooperatives established under the SME Cooperative Act. Support is provided up to 15 million KRW per cooperative (excluding a 10% cooperative contribution).

Selected cooperatives can receive consulting services for developing new joint business models or improving and transforming existing joint businesses. Cooperatives wishing to apply should form a consortium with a consulting firm suitable for project execution and submit a project implementation plan by the 31st of this month.

Project support will be provided through a four-month intensive consulting process after selection of eligible projects and contract signing. For more details about the support project, please visit the Korea Federation of SMEs website or contact the Collaboration Business Team.

Jojin-hyung, Head of the Cooperative Division at the Korea Federation of SMEs, said, "By providing business model development services, we aim to create an opportunity to revitalize joint businesses, and we hope that new types of ‘innovative joint businesses’ will take root in cooperatives where joint businesses have been mainly conducted in traditional ways."

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