Policy Funds to Be Supported Through Free Consultation and Non-Face-to-Face Evaluation

Jungjingong Policy Funds Introduce 'No-Consultation & Non-Face-to-Face Evaluation'
Rapid Loan Decisions Within 5 Days Without On-Site Consultations for Policy Fund Applicants

Chairman Kim Hak-do

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 27th that they will newly introduce and pilot a no-consultation and non-face-to-face evaluation support process for rapid policy fund support.

SBC decided to apply the no-consultation and non-face-to-face evaluation support process with a limit of 100 million KRW per company for the Domestic Company Export Commercialization Fund among the New Market Entry Support Funds, targeting export beginner companies with annual export performance of less than 100,000 USD among SMEs and startups that have previously received policy funds.

In the no-consultation and non-face-to-face evaluation, the consultation procedure where policy fund applicant companies visit the SBC regional headquarters in person and the on-site investigation stage are omitted, and a non-face-to-face evaluation through document review is conducted. Through this, the existing seven-step policy fund support process is greatly simplified to four steps, enabling rapid support within five days from the fund application date. Policy fund applicant companies will have significantly reduced burdens related to evaluation responses such as on-site consultations and inspections for policy fund applications.

Previously, SBC established a digital support system including big data and artificial intelligence (AI)-based non-face-to-face evaluation models and created a dedicated window for no-consultation and non-face-to-face evaluation within the online policy fund application system to enhance user convenience. SBC plans to pilot the no-consultation and non-face-to-face evaluation until the second half of the year, and after reviewing the results, will consider expanding the application scope to other policy funds beyond the Domestic Company Export Commercialization Fund and increasing the loan support scale.

Chairman Kim Hak-do said, "The introduction of the no-consultation and non-face-to-face evaluation support process is part of efforts to simplify support procedures and improve accessibility and convenience in using policy funds." He added, "SBC will continue to proactively respond to changes in the internal and external financial environment centered on non-face-to-face digital methods and continuously promote innovation in policy fund support services."

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