Ministry of SMEs Budget for Next Year 14.9497 Trillion Won... 10.6% Increase from This Year

Increase of 436.1 Billion Won Compared to Government Plan
Establishment of Financial Support Program for Small Business Owners Using Non-Bank Sectors

The Ministry of SMEs and Startups announced on the 21st that the total expenditure scale of next year's budget and fund operation plan was approved at 14.9497 trillion won at the National Assembly plenary session.

On the 21st, the 2024 budget bill is being passed in the National Assembly plenary session.
[Photo by Yonhap News]

The amount increased by 436.1 billion won from the government's proposal of 14.5135 trillion won to strengthen the safety net for small business owners and self-employed, revitalize the local economy, and expand global advancement. Compared to this year (13.5205 trillion won), it also increased by 10.6%.

First, a new project worth 300 billion won was established to support financial costs for small business owners and self-employed who use high-interest loans from non-bank sectors.

A support project worth 252 billion won was newly created to reduce the electricity bill burden for vulnerable small business owners.

The issuance scale of Onnuri gift certificates was increased from the government's proposal of 4 trillion won to 5 trillion won.

Efforts will also be made to revitalize the global and local economy. The budget was increased to apply systems that meet global standards such as negative regulation, demonstration, and certification for new product development in advanced fields and overseas expansion. A new 7.9 billion won will be invested to foster Global Innovation Special Zones.

The project cost for the dissemination and expansion of smart factories was finalized at 219.1 billion won, an increase of 10 billion won from the government's proposal.

The Ministry of SMEs and Startups explained, "We plan to promptly execute related budgets such as stabilizing the management and safety net of small business owners, globalization of SMEs, and Startup Korea to ensure the stability of the livelihood economy."