Jungjingong Provides First Overseas Corporation Support Fund... Supporting SME Globalization
For SMEs with existing or planned overseas corporations in 16 countries with SBC bases
Financial support determined by evaluating technological business feasibility and local operational plans
The Small and Medium Business Corporation announced on the 3rd that it will newly provide the 'Overseas Corporation Support Fund' to expand the overseas advancement of small and medium-sized enterprises (SMEs) and strengthen their global competitiveness.
Eligible applicants are domestic SMEs that operate or plan to establish overseas corporations in the 16 countries where the Small and Medium Business Corporation has overseas bases. Domestic companies must secure actual control by holding more than 50% of the shares of the overseas corporation. The 16 target countries are UAE (United Arab Emirates), Germany, Russia, Mexico, the United States, Vietnam, Saudi Arabia, Singapore, India, Indonesia, Japan, China, Chile, Kazakhstan, Thailand, and France.
Support eligibility will be determined through a comprehensive evaluation of the domestic company's technological business feasibility, the operational status or establishment plans of the overseas corporation, and other factors. The policy fund loan limit is 1 billion KRW, and companies planning to establish overseas corporations can receive up to 5 billion KRW through a ‘growth-sharing model’ that combines investment and loans. The loan funds can be used as working capital necessary for the establishment and operation of the overseas corporation and can be utilized directly by the local corporation.
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Kang Seok-jin, Director of the Small and Medium Business Corporation, said, “The management environment for SMEs has become more challenging due to high exchange rates and U.S. tariff policies,” adding, “This funding support will enhance the global competitiveness of SMEs and contribute to the overseas corporations growing into forward bases for earning foreign currency.”
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