SMEs Participating in SBC's 'Structural Innovation Support Program' See 6.8% Sales Growth

Performance Analysis of 1,861 Companies Supported Over Three Years
Consulting Provided for Business, Digital, and Workforce Transformation
Driving SME Growth Amid Industrial Transition

The Small and Medium Business Corporation announced on November 19 that its "Structural Innovation Support Program," which assists small and medium-sized enterprises (SMEs) in strengthening their competitiveness in response to changes in industrial structure such as digitalization and carbon neutrality, is showing tangible results. Introduced in 2022, the Structural Innovation Support Program is a comprehensive initiative that supports SMEs seeking to transition to new business areas in a rapidly changing industrial environment, providing assistance from roadmap development to policy funding and research and development (R&D) linkages.

Small and Medium Business Corporation

The Small and Medium Business Corporation analyzed the performance of 1,861 SMEs that participated in the Structural Innovation Support Program over the past three years, from 2022 to 2024, focusing on areas such as business, digital, and workforce transformation. The analysis found that, one year after receiving support, the participating companies’ average sales increased by approximately 6.8%. This figure is about 4.0 percentage points higher than the 2.8% average sales growth rate of general domestic SMEs, according to the Bank of Korea’s 2023 Corporate Management Analysis Report. The corporation explained that this objectively demonstrates the program’s substantial contribution to improving the financial performance of participating companies.

For example, Baekeok Electronics, an automotive electronic components manufacturer, achieved a 163.3% increase in sales and a 23.1% increase in the number of employees through business transition consulting provided by the Small and Medium Business Corporation. Baek Kyungdu, CEO of Baekeok Electronics, said, "We faced many challenges while shifting our business structure from traditional LED products to automotive electronic components, but with the business transition consulting from the Small and Medium Business Corporation, we were able to resolve them quickly. In particular, we received significant support in upgrading our business model and establishing our equipment investment plans."

Kang Seokjin, Chairman of the Small and Medium Business Corporation, stated, "Over the past three years, many SMEs have improved their management structure and achieved meaningful growth in areas such as sales through the Structural Innovation Support Program. As the demand for structural innovation to respond to future industries such as AI, digitalization, and carbon neutrality continues to grow, we will further strengthen our sophisticated, customized support."

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