The Ministry of SMEs and Startups said on the 26th that it will separately carry out a small business growth support program and an investment-linked support program to back promising small business owners' growth and leap forward.
The Ministry of SMEs and Startups (MSS) plans to systematically support the discovery of small business owners with innovative products and services and help them grow into corporations through mentoring, commercialization, and private investment linkage.
The small business growth support program is divided into a local corporations cultivation program and a strong small business support program. The local corporations cultivation program supports small business owners who seek to create value by using local resources such as nature and cultural assets. Selected small business owners will receive stage-by-stage growth support funds of 3 million won, as well as education, consulting, networking, and commercialization funds (up to 500 million won).
The strong small business support program targets small business owners who develop differentiated products and services with the goal of growing into leading corporations. Selected small business owners will receive stage-by-stage growth support funds of 3 million won and support such as team building with creators and startups to advance their business models, expert mentoring, and commercialization funds (up to 1 billion won).
The small business investment-linked support program (LIPS) is a system in which the government connects policy funds or commercialization funds to small business owners who have attracted private investment. LIPS I provides a loan of up to five times the investment amount, capped at 500 million won. LIPS II supports commercialization funds for small business owners of up to three times the investment amount, capped at 200 million won.
Small business owners who wish to participate in the program can check details on the Small Business website starting on the 27th. Online applications will be accepted from Apr. 1 through the Small Business website and the Small Business Policy Funds website.