Looking for SMEs and Small Business Owners to Grow into Global Companies

Recruitment of Promising Export SMEs and Export Dodream Companies in 2022

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 6th that it will recruit 'Promising Export SMEs' and 'Export Dodream Companies' for 2022 to discover promising companies that will lead the global market.

Since 2000, the Promising Export SMEs program selects small and medium enterprises with export amounts of less than 5 million USD in the previous year that have high growth potential, providing overseas marketing, market development, and preferential financial support through 20 export support organizations. The Export Dodream Companies, established in 2021 to promote exports by small business owners, provide consulting, online export support, and specialized financial support through four export support organizations for small business owners wishing to expand overseas.

First, companies designated as Promising Export SMEs can receive preferential treatment such as additional points when participating in export support projects like export vouchers and export consortiums operated by six organizations including the Ministry for two years from the designation date. They can also receive expanded guarantee limits and preferential treatment for export financial products from four policy financial institutions including the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund, and financial support such as interest rate discounts and foreign exchange transaction discounts on exchange rates and fees from ten banks including Industrial Bank of Korea and NongHyup Bank.

Support Details for Export Dream Company Designation System

Small business owners designated as Export Dodream Companies can receive preferential support for export support projects such as export vouchers and entry support to overseas online shopping malls (Amazon, Rakuten, Shopee, etc.) for two years from the designation date. Additionally, Korea Trade-Investment Promotion Agency (KOTRA) provides one-on-one consulting with export experts and export capacity enhancement programs such as discovering overseas buyers using the network of 128 overseas trade centers. Furthermore, funds necessary for exports are supported through innovative small business funds from the Small Enterprise and Market Service and export promising small business guarantees from regional credit guarantee foundations.

Companies wishing to participate in the 2022 Promising Export SMEs and Export Dodream Companies can apply on the Export Support Center website from the 7th to the 24th. More detailed information about each program can also be found on the respective website as well as the Ministry and Corporate Madang websites.