'Innovation Company National Representative 1000' 4th Selection Process Begins
[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced on the 18th that it will select 50 manufacturing small and medium-sized enterprises (SMEs) and mid-sized companies as national representatives of innovative companies.
The 'Innovative Companies National Representative 1000,' now in its fourth round of company selection, is a comprehensive financial support program for SMEs and mid-sized companies. It was established to provide financial support based on the innovation of SMEs and mid-sized companies through collaboration among related ministries in each industrial sector, including the Financial Services Commission, the Ministry of Trade, Industry and Energy, and the Ministry of SMEs and Startups.
Since July 2020, the government has selected and supported a total of 600 SMEs and mid-sized companies as 'innovative companies' over three rounds. The Ministry of Trade, Industry and Energy has selected 166 companies in the core manufacturing industry sector. In this fourth round of company selection, the ministry aims to newly select 50 companies out of the cross-ministerial target of more than 200 companies.
Among the innovative companies selected through the policy financial institutions' consultative body, those with financial support needs will be supported. To provide the necessary funds to companies at the appropriate time and in suitable ways, a financial institution matching the company's demand will be assigned when applying for financial support. Each policy financial institution will provide preferential treatment on loan limits and conditions after minimal screening, supporting loans, guarantees, and investments.
The Ministry of Trade, Industry and Energy plans to select innovative companies with innovation and growth potential by comprehensively evaluating applicants' new product development, new business discovery, and corporate growth trends. In particular, this time, companies that have succeeded in government research and development (R&D) projects and are at the commercialization stage will be given preferential treatment to support the growth of excellent companies in future strategic fields.
Detailed information can be found on the websites of the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology. The final selection results of newly supported companies will be confirmed in the second half of this year after innovation evaluations by a private committee.
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