Incheon City announced on the 3rd that it has selected 55 small and medium-sized enterprises (SMEs) with excellent technological capabilities and high growth potential as outstanding companies to be intensively nurtured.
The outstanding companies are classified into three levels according to company size, such as sales revenue.
Promising SMEs are small-scale SMEs with excellent technological capabilities and high growth potential. Vision companies are competitive SMEs above a certain scale, and mid-sized growth ladder companies refer to SMEs with high potential to grow into mid-sized companies and possess innovative capabilities.
The selected outstanding companies will receive continuous support for the next five years. Stage-specific management stabilization funds will be provided, with limits of 1.5 billion KRW (promising SMEs), 3 billion KRW (vision companies), and 5 billion KRW (mid-sized growth ladder companies), respectively.
Additionally, they will receive preferential benefits from 26 support projects operated by Incheon City, such as the SME Technology Support Group and Exchange Group. Financial and administrative support will also be provided, including deferral of local tax audits, awarding of outstanding company certificates and plaques, and operation of dedicated service desks.
The city plans to accept applications through the BizOK website until the 30th of next month, and after the first document screening (June to July) and the second on-site evaluation (August to September), the outstanding companies will be finally selected in October.
An official from Incheon City stated, "Through step-by-step nurturing and support of SMEs, we will enhance the status of outstanding companies within the region and ensure that companies become the main drivers of regional economic revitalization and job creation."
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