Ministry of SMEs and Startups and Financial Supervisory Service Join Hands to Support SME Rebound and Growth
[Asia Economy Reporter Bu Aeri] The Ministry of SMEs and Startups, the Financial Supervisory Service, the Korea SMEs and Startups Agency, and the Korea Federation of Banks signed a 'Memorandum of Understanding (MOU) for Supporting the Rebound and Growth of Small and Medium Enterprises' on the 22nd.
Minister Lee Young of the Ministry of SMEs and Startups and Financial Supervisory Service Governor Lee Bok-hyun met at the FSS Training Institute in Jongno-gu, Seoul, on the same day and reached a consensus on the need to strengthen support for SMEs. The Ministry of SMEs and Startups and the FSS plan to seek a collaboration plan in which banks promote and guide government ministry support programs and proactively discover and recommend eligible SMEs for support.
The banking sector will provide financial support through rapid financing systems and workouts based on corporate credit risk assessment results and recommend companies to the Korea SMEs and Startups Agency's support projects. The Korea SMEs and Startups Agency plans to provide preferential support to bank-recommended companies, including new loans and financial support, along with consulting on the establishment of management improvement plans.
In addition to financial support, there are plans to provide consulting support to companies for career exploration, technology feasibility analysis, and advice on rehabilitation procedures.
When the banking sector promotes and guides the Korea SMEs and Startups Agency's support system at branches and recommends suitable companies to the agency, the agency will prioritize selection as support targets by omitting feasibility reviews and awarding additional points during evaluations.
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Governor Lee Bok-hyun of the FSS said, "We aim for banks to recommend 100 companies annually," adding, "We will continuously prepare measures to strengthen cooperation not only with the Ministry of SMEs and Startups but also with the banking sector and government agencies providing various SME financing to ensure that SMEs can receive practical help."
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