Implementation of Small Business Support Project Worth 3.4582 Trillion Won Next Year

2023 Integrated Announcement of Support Programs for Small Business Owners

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 28th that a total of 3.4582 trillion KRW worth of support projects for small business owners will be implemented in 2023. The 2023 support projects for small business owners focus on ▲temporarily resolving management crises faced by small business owners amid the triple high (high inflation, high interest rates, high exchange rates) crisis ▲accelerating digital transformation to secure competitiveness in the non-face-to-face economic system ▲fostering entrepreneurial small business owners through prepared startups and specialized support.

The integrated announcement of the small business support projects includes a total of 21 projects such as small business policy funds and business recovery support projects, smart and online support projects, and startup and growth support projects. Key details include the establishment of a new 'Small Business and Traditional Market Fund' to open funding opportunities for low-credit small business owners who find it difficult to secure funds through private finance. The budget for the 'Hope Return Package' project, which alleviates the burden of small business closures and supports rapid recovery, has been significantly expanded.

Additionally, the budget for the smart store and workshop project has increased by 1.4 times compared to the previous year, aiming to distribute smart technologies to about 7,000 small business sites nationwide. Online sales channel support will also be expanded to help small business owners enter and settle in the online market in line with the transition to a non-face-to-face economic system.

The 17 regional New Business Startup Schools nationwide will be reorganized into 'Small Business Innovation Hubs,' providing comprehensive support for all stages from idea discovery to concretization and realization, thereby promoting well-prepared startups among small business owners. The budget for the 'Strong Small Business' growth support project, where small business owners with creative ideas and creators and startups with innovative capabilities converge to provide differentiated products and services, has also been significantly increased. To build infrastructure that intensively supports promising small business owners with investment and loans led by the private sector, the 'Our Neighborhood Crowdfunding' project will lower entry barriers to encourage local residents to invest in nearby stores, and a new 'Investment Matching Loan' will be introduced to provide policy funds alongside private investments to small business owners.

Minister Lee Young stated, "Through various small business support projects, we will establish a solid foundation that enables small business owners to overcome management crises and take a new leap forward," adding, "The Ministry of SMEs and Startups will ensure that small business owners grow not as protected subjects but as innovative entrepreneurs who make the lives of the people happier."

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