Jungjingong Begins Accepting Applications for 5 Trillion KRW SME Policy Funds

From the 8th... Driving Future Growth Engines and Promoting Globalization

The Ministry of SMEs and Startups and the Small and Medium Business Corporation announced that they will begin accepting applications for policy funds starting from the 8th, following the announcement of the '2024 SME Policy Fund Loan Plan.'

This year’s key support directions for SME policy funds are ▲ fostering innovative SMEs and promoting globalization ▲ supporting vulnerable SMEs to overcome crises ▲ expanding the ecosystem foundation for regional SMEs ▲ improving policy fund support services.

The scale of policy fund support is set at 5 trillion KRW, with plans to allocate more than 40% to innovative growth sectors such as semiconductors. To enhance the competitiveness of promising growth SMEs, facility funds including robots and automation equipment will be supplied at a scale of 2.1 trillion KRW.

Small and Medium Business Corporation

The new market entry support fund to secure export competitiveness of SMEs in the global market will be expanded by 60.4 billion KRW from the previous year to a total of 417.4 billion KRW. In addition to operating through interest rate subsidies, loan methods will be added to support the globalization of export companies.

Furthermore, to support vulnerable SMEs in overcoming crises such as domestic and international economic downturns, the scope of emergency management stabilization funds will be expanded. Interest rate subsidies will continue to be provided to alleviate the burden of high-interest financial costs. Additionally, the co-growth network loan will be newly introduced to lead short-term production fund support and stabilize regional supply chains.

Meanwhile, the Small and Medium Business Corporation plans to upgrade the policy fund system this year to provide a demand-oriented 'customized policy fund guidance service.' Using information directly entered by companies, the service will guide funds that meet the application requirements among policy funds.

During the first quarter, when demand for policy funds is concentrated, companies that submit documents in advance using the 'pre-document submission system' will be able to apply for funds on the application day without submitting separate documents. Moreover, the Corporation has enhanced convenience by establishing a 'remote support method' and an 'offline exclusive fund application track' for digitally disadvantaged individuals who find online applications difficult.

Kang Seok-jin, President of the Small and Medium Business Corporation, stated, "As domestic and international economic uncertainties continue, policy support is necessary to restore economic vitality. The Corporation will actively support SMEs as the frontline institution to help resolve liquidity difficulties."

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