Ministry of SMEs and Startups Calls for 'Promising Export SMEs'... Preferential Export Finance and Guarantee Support Provided

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that it will recruit 'Promising Export SMEs for the First Half of 2021' from the 26th of this month until the 14th of next month to discover and nurture small and medium enterprises with high growth and export potential.

Promising Export SMEs are recruited twice a year, in the first and second halves, to support the export capabilities and competitiveness of small and medium enterprises. Since its implementation in 2000, a total of 20,902 companies have been designated until 2020, and currently, 2,686 companies with valid designations are being supported.

Companies designated as Promising Export SMEs receive preferential treatment when participating in export support projects from six institutions, including the Ministry of SMEs and Startups and the Small and Medium Business Corporation, during the two-year designation period. Additionally, they receive preferential export finance and guarantee support from four guarantee institutions such as the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund, as well as preferential interest rates and exchange rates from ten financial institutions including Industrial Bank of Korea and NongHyup Bank, totaling 78 preferential benefits from 20 institutions.

Small and medium enterprises with direct or indirect export performance of less than 5 million USD in the previous year are eligible to apply. Applications can be submitted online through the Export Support Center website from the 26th of this month until the 14th of next month.

After document and on-site evaluations, the final selection is made by the 'Regional SME Export Support Council' at the local Small and Medium Venture Business Administration. For more detailed information, please check the Export Support Center website or the Ministry of SMEs and Startups website announcement section. Inquiries should be directed to the local Small and Medium Venture Business Administration office with jurisdiction over the applicant company's main office location.

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