The Ministry of SMEs and Startups said on the 30th that it will expand eligibility for the "Biz Plus Card for microbusiness owners" to support management activities of small merchants. With this measure, small merchants with high credit scores and corporate small merchants will also be able to receive policy finance benefits.
The "Biz Plus Card support program for microbusiness owners" is a system that issues a credit card with a maximum limit of 10 million won to small merchants. When issuing the card, a guarantee from a regional credit guarantee foundation is used as collateral, and it can be used to pay expense items needed for business operations, such as purchasing office equipment.
First, the ministry eased the credit score criteria from the previous NCB 595 to 839 (former grades 4–7) to NCB 595 to 879 (former grades 3–7). In addition, small merchants affected by special disasters this year, such as wildfires and heavy rain, can receive support even if their credit score is 880 or higher.
In addition, starting Oct. 1, corporate small merchants will also be able to apply for the Biz Plus Card. Eligibility requirements such as credit score, years in business, and sales are the same as for sole proprietors.
Guarantee applications are available until Dec. 31 through the regional credit guarantee foundation's "Bojeung Dream" app, and once the guarantee is approved, you can apply for card issuance through the Industrial Bank of Korea's "IBK Card" or "i-One Bank" app. However, corporate small merchants must visit a regional credit guarantee foundation and an Industrial Bank of Korea branch in person.
Hwang Young-ho, head of the Small Merchant Management Stabilization Support Team at the ministry, said, "We expanded eligibility so that more small merchants can use the Biz Plus Card in their management activities," adding, "If you meet the eligibility requirements, please apply for the program and take advantage of the benefits."
For details, check the announcement on the ministry's website, or you can also receive guidance through a regional credit guarantee foundation or a branch of IBK Industrial Bank of Korea.