The Ministry of SMEs and Startups said on the 20th it will provide an additional 550 billion won in policy funds to small and midsize enterprises that suffered damage from the Middle East war. The move comes after disruptions to the production and export of various materials due to the fallout from the Middle East war.
The Ministry of SMEs and Startups (MSS) will provide additional support through a supplementary budget: 250 billion won for emergency management stabilization funds, 100 billion won for new market entry support funds, 150 billion won for innovation startup commercialization funds, and 50 billion won for restart funds.
With this, the emergency management stabilization fund loan scale will increase from 250 billion won to 500 billion won. The loan limit is 1 billion won, with a term of up to five years. The lending rate is 3.64% for the second quarter of this year. Small and midsize enterprises that produce disposable syringes or plastic products are eligible.
The new market entry support fund will be expanded from 316.4 billion won to 416.4 billion won. The loan limit is 1 billion won for working capital and 3 billion won for facility funds. The loan terms are up to five years and 10 years, respectively. The lending rate is 3.14%. Small and midsize enterprises facing difficulties in their existing export destinations can receive support.
Innovation startup commercialization fund loans will increase from 1.3058 trillion won to 1.4558 trillion won. Corporations with innovative technologies such as artificial intelligence (AI) and deep tech are eligible. Restart funds to help entrepreneurs who stumbled in growth try again will be expanded from a total of 100 billion won to 150 billion won.
Both the innovation startup commercialization funds and the restart funds have a loan limit of 500 million won for working capital and 6 billion won for facility funds. The lending rates are 2.84% and 3.14%, respectively. For detailed consultations, contact regional headquarters of the Korea SMEs and Startups Agency (KOSME) nationwide or the policy fund information call center (1811-3655).