"Blocking Capital-Deficit Companies"... Hanyuwon Selected as Online Sales Support Agency for Small Businesses

Naver, 11st, and Lotte ON Selected
This Year, Eligibility Bar Raised to Block Companies with Capital Erosion
Additional Financial Evaluation Conducted for Document-Passing Companies

The Korea Small and Medium Venture Business Distribution Agency (KOSMED) announced on the 20th that it has selected a total of 15 platforms as executing agencies for this year's small business 'Online Shopping Mall Sales Support Project.'

The Online Shopping Mall Sales Support Project is a program that supports product sales to help small businesses expand their domestic online sales channels. It promotes sales activation through exclusive deals and special exhibitions dedicated to small business owners within online shopping malls.

The final selected executing agencies are Naver, 11st, Lotte ON, Gmarket, Grip, SSG, Hyundai Easywell, SK Stoa, Genie Works, Hyundai Home Shopping, Oasis, Musinsa, Zigzag, Kakao Makers, and Post Office Shopping, totaling 15 platforms. They plan to support the online sales activation of 7,000 small business products this year.

KOSMED applied strict selection criteria this year. First, companies with capital erosion were disqualified from applying as executing agencies, raising the eligibility threshold. The document review process was also significantly strengthened. This year, to closely verify the financial status of applicant companies, additional documents such as ▲credit rating certificates ▲detailed company information reports ▲corporate credit information inquiries ▲three-year financial statement certifications ▲and audit reports were collected and reviewed.

For companies that passed the document review, a ‘financial evaluation’ was also conducted. Under the supervision of five accountants, the financial status of applicant companies was assessed, and additional evaluation criteria such as payment settlement cycles were included to determine whether stable sales channel support for small businesses was feasible.

Lee Tae-sik, CEO of KOSMED, said, “Due to the economic downturn and reduced consumption, more support is needed to revitalize online sales for many domestic small and medium enterprises and small business owners. In this situation, we put all our efforts into selecting executing agencies that can provide practical support for activating online sales channels for small businesses.”