Gyeonggi-do Awards Certificates to 212 Companies as 'Promising Small and Medium Enterprises of 2024'

Certificate and Plaque Provision... 66 Benefits Including Preferential Interest Rates for SME Development Fund Support

Gyeonggi Province is selecting 212 promising small and medium-sized enterprises within the province that have growth potential and holding a certificate and plaque awarding ceremony.

Gyeonggi Province selected 212 promising small and medium-sized enterprises (SMEs) within the province with growth potential and awarded them certificates and plaques.

At the 2024 Gyeonggi Province Promising SMEs Certificate Award Ceremony held on the 29th at the Grand Ballroom of Ramada Plaza Suwon Hotel, about 300 people, including Kim Seong-jung, the First Deputy Governor for Administration, representatives of certified companies, and related personnel, attended to celebrate the certified companies.

This year, the Gyeonggi Province Promising SMEs conducted a public recruitment in March, receiving applications from a total of 894 companies, showing a high competition rate of 4.47:1. After document evaluation, on-site investigations, legal violation checks, and certification review committee deliberations, a total of 212 companies were finally selected, including 63 startup companies, 109 first-time certifications, and 40 re-certifications. In particular, this year, to discover and select more startup companies, which are an important element in creating an innovative industrial ecosystem, the evaluation indicators were improved, resulting in about 50 more companies being selected compared to the previous year.

On this day, the province awarded the certified companies with certificates and plaques bearing the name of the Governor of Gyeonggi Province and granted the right to use the Promising SME certification mark. In addition, various benefits from 66 items operated by 9 institutions, such as preferential interest rates on SME development funds and additional points when applying for support projects, will be provided.

Certified companies maintaining their certification can receive up to 5 million KRW in ‘brand expansion support funds’ for producing packaging materials and promotional materials using the ‘Promising SME certification mark’ and for online marketing. Starting this year, the self-payment ratio for brand expansion support has been reduced from the previous 50% to 20%, reducing the burden on companies.

The certification period is 5 years for new certifications from this year until 2029, and 3 years for re-certifications until 2027.

The Gyeonggi Province Promising SME certification system is a project conducted to discover SMEs with high growth potential and nurture them into leading SMEs in the regional economy. From 1995 to last year, a total of 7,041 certified companies, including small manufacturing companies, venture companies, and knowledge service industries within the province, have been supported, serving as a stepping stone for growth into globally excellent companies beyond Gyeonggi Province.

An analysis of the performance of 950 companies maintaining certification as of last August showed that within one year after certification support, total sales increased by 668.5 billion KRW and 699 jobs were created, demonstrating that the program not only strengthens corporate competitiveness but also leads a virtuous cycle structure of job creation.

Kim Seong-jung, First Deputy Governor for Administration of Gyeonggi Province, said, “Gyeonggi Province is the center of economic growth, and SMEs are a solid pillar of the regional economy and a key driver of sustainable growth. Gyeonggi Province provides various supports such as research and development (R&D) support, commercialization support, and market development to foster innovative SMEs. We will continue to listen to the voices of companies and strive to create a business-friendly environment.”

The list of ‘2024 Gyeonggi Province Promising SME Certified Companies’ can be found on the Gyeonggi Province website under notices and announcements and on the Promising SME certification project website.

For more details about the Gyeonggi Province Promising SME certification project, please contact the Gyeonggi Province Enterprise Development and Materials and Components Industry Team or the Gyeonggi Institute of Economy and Science Promotion ESG Team.