The Ministry of SMEs and Startups said on the 22nd it will start accepting applications on the 23rd for the "Biz Plus Card Support Program," which issues a credit card with a 10 million won limit to small business owners. Small business owners can use the card to pay for business operation expense.
This year, the support eligibility for small business owners was expanded. The credit score requirement was widened from the previous NICE credit rating of 595 to 879 to 595 to 964. The business history requirement was eased from at least one year to at least six months. For small business owners in wholesale and retail, eligible uses were added, including clothing and accessories.
It is also possible to pay electricity bills with the Biz Plus Card through the Korea Electric Power Corporation service center. The explanation was that older adults who are not familiar with the internet can also pay electricity bills conveniently. Card benefits such as six-month interest-free installments and an annual fee waiver remain unchanged.
When issuing the card, a regional credit guarantee foundation certificate is used as collateral. After applying for a guarantee through the Regional Credit Guarantee Foundation's "Bojeung Dream" app, applicants can visit IBK Industrial Bank to receive the card. Card applications are also expected to be processed through the app starting next month. Choi Won-young, director general for small business policy at the Ministry of SMEs and Startups (MSS), said, "We hope this will help small business owners' management activities."