On the 13th, the Ministry of SMEs and Startups announced that it will fully implement the 'Investment-linked Support for Innovative Small Business (LIPS II)' program.
The LIPS II program is a scheme where 22 private investment firms designated by the Ministry of SMEs and Startups make initial investments in capable small businesses, and the ministry provides matching funds up to 200 million won. It will operate at a scale of 30 billion won this year.
Those selected for the program will receive support for specialized programs such as ▲investment IR pitching ▲investor networking and consulting ▲participation in domestic and international exhibitions, managed by the Small Business Market Promotion Corporation and the Initial Investment Accelerator Association.
Additionally, this program allows small businesses that have received the 'private investment-linked matching loan (LIPS I)' to apply for investment-linked support and receive funding.
LIPS I was a program that matched policy funds up to 500 million won when an investment firm made an initial investment in entrepreneur-type small businesses at the growth stage.
Small businesses wishing to participate in the program should submit an investment proposal to a private investment firm designated by the ministry, and upon successful investment, they can apply through the Small Business 24 website.
Lee Dae-geon, the director of small business policy, noted, 'Despite the prolonged economic downturn, entrepreneur-type small business brands are gaining significant popularity,' adding, 'We will strive to ensure that small businesses become a new growth engine for South Korea by evenly supporting private and government funds.'