Small and Medium Business Corporation
Responding to the Post-Corona Era
[Asia Economy Reporter Kim Daeseop] The Small and Medium Business Corporation (SBC) announced on the 30th that it will reorganize the policy fund evaluation system to focus on supporting export-oriented small and medium-sized enterprises (SMEs) in preparation for the post-COVID-19 era.
The revised policy fund evaluation system will be fully implemented starting from the 1st of next month. First, an export high-pass track will be introduced, and the export-centered evaluation system will be strengthened. SMEs that have consecutively exported over 3 million dollars annually for the past three years will be exempted from the technology feasibility evaluation during the policy fund review process, enabling faster funding support.
Additionally, SBC plans to expand the influence of export performance in the technology feasibility evaluation criteria. By focusing support on export SMEs with high policy fund support performance, the corporation aims to lead early recovery from the novel coronavirus disease (COVID-19) and growth in the post-COVID-19 era.
Analysis of companies supported by policy funds by SBC revealed that companies with consistent export performance above a certain level showed excellence in terms of growth and stability. The sales growth rate of export SMEs is three times higher than the average for SMEs, and their bankruptcy rate is about one-third that of non-export SMEs.
Kim Hakdo, Chairman of SBC, said, "We have reorganized the evaluation system to focus on supporting export companies to recover the economy, which has been difficult due to the COVID-19 crisis," adding, "In the post-COVID-19 era, we will concentrate the institution's capabilities to provide proactive support to small and medium ventures that serve as the backbone of exports."
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