SMEs Ministry Finalizes 4.83 Trillion Won Supplementary Budget... Focus on Livelihood Recovery Support

Reduced by 184.5 Billion Won from Government Proposal
Focus on Livelihood Recovery and Trade Risk Support
Minister Oh Youngju: "Swift Execution"

The Ministry of SMEs and Startups announced that the first supplementary budget for 2025 was finalized at 4.8267 trillion won following a plenary session of the National Assembly on May 1. This amount is 184.5 billion won less than the government's original proposal of 5.012 trillion won.

The supplementary budget includes 769.8 billion won to support export-oriented SMEs facing management difficulties due to U.S. tariff measures, 4.0201 trillion won to help small business owners recover from hardships caused by wildfires and rising prices, and 36.8 billion won to respond to rapid changes in new technologies such as artificial intelligence (AI), totaling approximately 4.8 trillion won.

On the 29th of last month, a full meeting of the Special Committee on Budget and Accounts was held at the National Assembly for comprehensive policy questioning and review of the supplementary budget bill. Photo by Yonhap News

During the budget review process, the emergency management stabilization fund for small business owners and SMEs was reduced by 200 billion won, from 500 billion won to 300 billion won. On the other hand, the budget to promote consumption in the special disaster areas affected by wildfires in the Yeongdong region was increased.

To revitalize consumption in traditional markets and local commercial districts, the Ministry plans to hold a three-month 10% cashback event for digital Onnuri gift certificates and will additionally invite applications for the local commercial district revitalization program.

Minister of SMEs and Startups Oh Youngju stated, "A significant portion of this supplementary budget is allocated to support export-oriented SMEs in responding to trade risks and to provide livelihood support for small business owners. Given the seriousness of our economic situation, we will execute the budget as quickly as possible."