Ministry of SMEs and Startups Eases Credit Score Requirements for Small Business Biz Plus Card Issuance

NCB Score Requirement Raised from 839 to 879
Special Disaster-Affected Small Businesses Eligible Even Above 880

The eligibility criteria for the "Small Business Biz Plus Card" program, which provides small business owners with credit cards up to a limit of 10 million won to cover funds needed for business operations, will be relaxed. The credit score requirements will be expanded, and for small business owners affected by special disasters this year, the criteria will be further eased.

The Ministry of SMEs and Startups announced on September 30 that, starting from October 1, the eligibility for the Small Business Biz Plus Card will be expanded to include those with a NICE credit score between 595 and 879. Previously, only small business owners with a NICE credit score between 595 and 839 were eligible, but this requirement has now been relaxed. Additionally, small business owners who have suffered damage from special disasters this year, such as wildfires or heavy rains, will be eligible for the Biz Plus Card even if their NCB score is 880 or higher.

Meanwhile, the Ministry will begin accepting applications for the Biz Plus Card from incorporated small businesses starting October 1.

The Small Business Biz Plus Card allows small business owners to receive a credit card with a limit of up to 10 million won, secured by a guarantee from a regional credit guarantee foundation, to pay for expenses necessary for business operations, such as the purchase of office equipment. Small business owners with at least one year of business history as of the application date, and sales of at least 2 million won in the past two months or at least 12 million won in the past year, are eligible to apply.

Hwang Youngho, head of the Small Business Management Stability Support Division, stated, "We have expanded the eligibility criteria so that more small business owners can utilize the Biz Plus Card for their business activities," and added, "We hope that small business owners who meet the requirements will apply for the program and enjoy its benefits."

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