Jungjingong Provides 'Safety Net' to Crisis-Stricken SMEs Through Rehabilitation Consulting
Small and Medium Business Rehabilitation Consulting Support Project
[Asia Economy Reporter Kim Cheol-hyun] A policy to support small and medium-sized enterprises (SMEs) that face difficulties such as high costs and lack of information, leading them to apply for rehabilitation only when they reach a critical point, will be implemented.
The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 26th that they will assist in the normalization and rehabilitation of SMEs in management crisis through the SME Rehabilitation Consulting Support Project.
The Rehabilitation Consulting Support Project provides counseling, advice, and procedural agency consulting throughout the entire process from the SME’s rehabilitation application to approval, helping early entry into rehabilitation procedures and smooth restructuring. SBC provides subsidies of up to 30 million KRW depending on the size of the company.
The support targets are ▲ companies judged to be eligible for rehabilitation support through the Career Guidance Consulting Project ▲ companies that applied for rehabilitation at SBC-affiliated courts and were judged eligible through a preliminary review process ▲ companies that applied for rehabilitation with ARS at SBC-affiliated courts and were recommended by the court as requiring a preliminary investigation.
Last year, SBC quickly supported 95 SMEs in management crisis with rehabilitation consulting and subsidies totaling 2.26 billion KRW amid the deteriorating business environment due to COVID-19. Additionally, through system improvements, the support target was expanded to include simplified rehabilitation, providing support for 33 more cases.
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Applications for participation in the project can be made online through the SME Innovation Platform website. Chairman Kim Hak-do stated, "SBC is actively working to support the rapid normalization and rehabilitation of crisis companies through business cooperation with 14 bankruptcy courts nationwide," adding, "This year, we will invest 2.73 billion KRW to provide a reliable safety net for SMEs facing crises due to the prolonged COVID-19 pandemic."
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