[Corporate Growth Ladder] Selected 100 Promising SMEs for 3 Years of 'Jump Up' Support

Government Announces 'Measures to Build a Corporate Growth Ladder' at Economic Ministers' Meeting on the 3rd

The government will select 100 promising small and medium-sized enterprises (SMEs) and provide close support over three years with the goal of growing them into mid-sized companies. The selected companies will be matched with a ‘dedicated director’ such as a private investment institution or a former business executive for three years, and will also receive vouchers that provide financial support up to 200 million KRW from the national budget.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is holding a press conference at the Government Complex Sejong on the afternoon of the 27th of last month.

On the 3rd, the government announced the ‘Corporate Growth Ladder Establishment Plan’ and unveiled the ‘Growth Ladder Jump-up Program’ at the Economic Ministers’ Meeting chaired by Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance. The Growth Ladder Jump-up Program centers on a network pool composed of various private experts, including former business executives and private investment institutions (VCs, CVCs, etc.), to provide problem-solving, investment attraction, and collaboration opportunities. The plan envisions the government providing focused support through effective matching with private experts so that about 100 companies can grow into mid-sized enterprises each year.

Within the network pool, the government matches dedicated directors tailored to the characteristics of each company to help them enter new businesses or achieve technological innovation. Dedicated directors will be responsible for areas such as ▲funding and finance, IT ventures, digital AI experts with field experience ▲private investors such as private equity funds and venture capitalists ▲growth area experts in overseas law, accounting, and finance, all of whom are former senior corporate executives with relevant expertise.

The selection of the 100 companies will also be handled by the private sector. A Ministry of Economy and Finance official explained, “The selection of companies will be conducted primarily by private experts.” An evaluation committee composed mainly of private experts such as policy financial institutions and accounting and finance professionals will objectively assess companies based on technology level, innovation capability, and other criteria to select those with strong growth intentions. Companies that have received private investment or have plans for startup collaboration and technology cooperation will be given preferential treatment.

The selected companies will be issued an ‘Open-type Growth Voucher’ with a national budget limit of 200 million KRW. Within the voucher limit, companies can freely carry out services necessary for growth such as mergers and acquisitions (M&A), overseas expansion, financial management, intellectual property (IP), and research and development (R&D). They will also receive preferential treatment in government financial projects, such as priority selection or additional points in export, workforce, R&D, and loan guarantee support programs. Furthermore, by utilizing the private network pool, companies can receive support for collaboration such as joint R&D among companies or joint overseas market development.

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