"In Search of Innovative and High-Potential Companies" ... Gyeongnam Province Calls for Applications for '2022 Global Small Giants'

Discovered 22 Companies, Two More Than Last Year

Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongnam Province announced on the 20th that it has begun recruiting companies to participate in the ‘2022 Global Small Giant Companies’ project to foster export-leading companies with innovation and growth potential.

Gyeongnam Province plans to select 22 companies this year, an increase of 2 companies compared to last year, due to the high competition rate compared to other regions.

When designated as a ‘Global Small Giant Company,’ each company will receive business expenses support of up to 30 million KRW per year for prototype production, education and consulting, production process and quality improvement, and overseas marketing expenses support of up to 200 million KRW over 4 years.

Additionally, financial support such as performance bond insurance premium discounts and preferential interest rates from private financial institutions like SGI Seoul Guarantee and Shinhan Bank, as well as the Small and Medium Business Corporation, can be received. Preferential scoring benefits are also available when participating in technology development projects of the Ministry of SMEs and Startups.

Eligibility for application requires small and medium enterprises with sales between 10 billion and 100 billion KRW and direct or indirect export amounts of 5 million USD or more. Innovative companies (venture, Inno-Biz, Main-Biz companies) or companies in the service sector can apply if their sales are between 5 billion and 100 billion KRW and direct or indirect exports are 1 million USD or more.

Sales figures are based on the 2020 financial statements, and export amounts are based on 2021 direct and indirect export figures. Applications can be submitted through the Small and Medium Business Export Support Center website by February 9.

For more detailed information, inquiries can be made to the Gyeongnam Provincial Government’s Small and Medium Business Division, the Gyeongnam Regional Small and Medium Business Administration Export Support Team, or the Gyeongnam Technopark Growth Support Team.

Woo Myung-hee, head of the Small and Medium Business Division of Gyeongnam Province, said, “Although it is a difficult time domestically and internationally due to COVID-19, we will continue to promote support for companies to enhance the technological competitiveness and expand exports of small and medium enterprises in Gyeongnam.”