Ministry of SMEs and Startups to Recruit Promising Export SMEs by November 12

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that it will recruit "Promising Export SMEs for the First Half of 2022" from the 25th of this month until November 12th to discover and nurture export SMEs with high growth potential.

The Promising Export SMEs program is held twice a year, in the first and second half, to support the enhancement of export capabilities and competitiveness of small and medium enterprises. Since 2000 until the first half of this year, a total of 21,625 companies have been designated, and currently, 2,688 companies with valid designations are receiving support.

Companies designated through the evaluation and designation process completed by December will receive preferential support as "Promising Export SMEs for the First Half of 2022" for two years from January next year to December 2023.

When participating in export support projects of six institutions including the Ministry of SMEs and Startups and the Small and Medium Business Corporation, companies will receive preferential treatment. They will also benefit from preferential loan and guarantee conditions from five policy financial institutions such as the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund, as well as preferential interest rates and exchange rates from nine banks including NongHyup Bank, totaling preferential benefits from 20 institutions.

Applications for Promising Export SMEs are open to all SMEs with direct or indirect export performance of $5 million or less in the previous year. Applications can be submitted online through the Export Support Center website from the 25th until November 12th. After document and on-site evaluations, the final selection will be made by the "Export Support Regional Council" of the local Small and Medium Venture Business Administration.

For more detailed information, please check the Export Support Center website or the Ministry of SMEs and Startups website announcement section starting from the 25th. For inquiries by phone, contact the local Small and Medium Venture Business Administration office that has jurisdiction over the main business location (head office) of the applying company.