Ministry of Trade, Industry and Energy Supports Technology Evaluation Costs for Small and Medium Enterprises with 'Excellent Technology'

300 Billion KRW Target for Commercialization Investment Attraction Based on Technology Evaluation

Small and medium-sized enterprises (SMEs) and mid-sized companies with excellent technology can now receive full cost support through government support programs when undergoing technology evaluations required for investment attraction and bank loans during the commercialization process.

On the 22nd, the Ministry of Trade, Industry and Energy announced the '2023 Technology Evaluation Support Project,' providing support of 2 million KRW for investment attraction technology evaluations (a total of 300 cases, 600 million KRW) and 5 million KRW for guarantee application technology evaluations (a total of 60 cases, 300 million KRW).

For investment attraction, technology evaluations are supported for SMEs and mid-sized companies with excellent technological capabilities to attract investments from venture capital (VC) and other investment institutions. Upon the company's application, a technology evaluation agency assesses the company's technology, and the investment institution reviews the evaluation results to decide on the investment amount and whether to invest.

Last year, the Ministry supported technology evaluations for investment attraction for 244 companies. Among them, 76 companies succeeded in attracting investments totaling 226.6 billion KRW. This year, the Ministry plans to support 300 companies and aims to attract a total of 300 billion KRW in investments, a 30% increase compared to the previous year.

For guarantee applications, technology evaluations are supported for the purpose of reviewing and issuing guarantees for bank loans. Based on the technology evaluation results, the Korea Credit Guarantee Fund decides on the guarantee issuance and limit, and companies can submit the guarantee issued by the Korea Credit Guarantee Fund to banks to obtain commercialization funds through loans.

Lee Min-woo, Director of Industrial Technology Convergence Policy at the Ministry of Trade, Industry and Energy, stated, “We will continue to expand support so that companies and investment institutions can actively utilize the technology evaluation system to expand technology commercialization investment and revitalize technology finance.”

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