New Hope Fund Applications Available Online and On-site from the 26th

Park Young-sun, Minister of SMEs and Startups. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] The Ministry of SMEs and Startups announced that from the 26th until the 6th of next month, small business owners can apply for the New Hope Fund not only online but also through on-site visits.

The Ministry of SMEs and Startups has been conducting confirmation payments of the New Hope Fund via online applications since the 16th, targeting small business owners who are difficult to pre-select using only administrative information held by the government.

Small business owners who had difficulty applying online can now prepare their application documents themselves and visit one of the 2,839 on-site reception centers nationwide, set up by local governments such as town and township community centers, to apply for the New Hope Fund starting from this day.

Detailed on-site reception centers can be found by clicking ‘On-site Reception Centers’ at the bottom of the New Hope Fund dedicated website and selecting the city/province and city/county/district.

To facilitate smooth application and reception, the Ministry of SMEs and Startups will implement a 5-day rotation system based on the last digit of the birth year from this day until the 30th, the first week of on-site applications.

On this day, those whose birth year ends in 1 or 6 can apply, and on the 27th, those ending in 2 or 7 can apply. During the second week of on-site applications, from the 2nd to the 6th of next month, applications can be submitted regardless of the 5-day rotation system.

The Ministry of SMEs and Startups will also focus on quarantine management during the on-site application period. Small business owners visiting the on-site reception centers must wear masks, have their temperature checked before entry, sanitize their hands using the provided disinfectant after entry, and cooperate with signing the visitor log or recording via electronic entry system (QR code) as well as maintaining a safe distance of 2 meters.

Lee Euncheong, head of the Small Business Policy Division at the Ministry of SMEs and Startups, explained, “Small business owners visiting the on-site reception centers must bring a valid ID, a copy of their business registration certificate (or business registration confirmation), and a copy of their bankbook. Additionally, for businesses with co-representatives, a power of attorney is required, and for social enterprises, a certificate of establishment is necessary. Applicants should check the announcement on the Small Enterprise and Market Service website or the application form on the New Hope Fund dedicated website to prepare the required documents according to the application type.”