The Government to Loan KRW 666 Billion to Microenterprises and Traditional Markets from the Supplementary Budget
- Division
- 국제협력과
- Date
- 2017.08.09
- Writer
- 박강범
- File
- Headline
- KRW 620 Billion and KRW 22 Billion Policy Loans to Be Granted to Microenterprises and Traditional Markets, Respectively
With the approval of the supplementary budget by the National Assembly (July 22, 2017), the Ministry of SMEs and Startups (the “MSS”; Vice Minister: Su-gyu Choi) has announced its plan to loan KRW 666 billion from the supplementary budget in order to improve the self-sustainability of microenterprises and revitalize traditional markets.
A total of KRW 620 billion will be granted to microenterprises as Policy Loans in order to help microbusinesses experiencing financial difficulties amid the recession that recently hit the domestic market.
The KRW 620 billion consists of the KRW 420 billion of the Business Stabilization Grant aimed at ensuring early recovery and the KRW 200 billion of the Growth Foundation Grant to help businesses achieve growth after recovery.
Including the balance of the main budget as of the end of July, which stands at KRW 320 billion, a total of KRW 940 billion will be provided as loans in 2017 2H alone.
The application process begins on August 1 (Tuesday) at 59 microenterprise support centers across the country (information: ☏ 1357). The policy loans are expected to help microenterprises overcome financial difficulties and create new jobs.
The MSS had limited the amount granted per month (around KRW 80 billion) and the application period (one week per month) from April to July out of concern that the budget for the policy loans will be depleted early.
However, with the approval of the supplementary budget in August, the ministry will receive applications at all times and take away the monthly cap. These changes are directed at relieving the financial difficulties experienced by microenterprises.
In addition, the MSS plans to provide additional support for building infrastructures in areas with a high microenterprise concentration (KRW 2.88 billion; two areas) and expand the distribution channels for microenterprises in and outside Korea (KRW 590 million; around 40 enterprises).
The additional budget will go to individualized consulting programs and related programs (KRW 2 billion; 1,600 cases), and re-employment/re-start-up support programs (KRW 3.5 billion; 3,500 beneficiaries).
The ministry will also commit an additional budget to Onnuri Vouchers for traditional markets (KRW 17.6 billion; plans to issue additional vouchers worth KRW 200 billion), promotion and marketing projects for traditional markets around PyeongChang 2018 Olympic Games venues (KRW 3.8 billion; two markets), and the Market Manager Project (KRW 600 million; 100 managers).
A total of KRW 620 billion will be granted to microenterprises as Policy Loans in order to help microbusinesses experiencing financial difficulties amid the recession that recently hit the domestic market.
The KRW 620 billion consists of the KRW 420 billion of the Business Stabilization Grant aimed at ensuring early recovery and the KRW 200 billion of the Growth Foundation Grant to help businesses achieve growth after recovery.
Including the balance of the main budget as of the end of July, which stands at KRW 320 billion, a total of KRW 940 billion will be provided as loans in 2017 2H alone.
The application process begins on August 1 (Tuesday) at 59 microenterprise support centers across the country (information: ☏ 1357). The policy loans are expected to help microenterprises overcome financial difficulties and create new jobs.
The MSS had limited the amount granted per month (around KRW 80 billion) and the application period (one week per month) from April to July out of concern that the budget for the policy loans will be depleted early.
However, with the approval of the supplementary budget in August, the ministry will receive applications at all times and take away the monthly cap. These changes are directed at relieving the financial difficulties experienced by microenterprises.
In addition, the MSS plans to provide additional support for building infrastructures in areas with a high microenterprise concentration (KRW 2.88 billion; two areas) and expand the distribution channels for microenterprises in and outside Korea (KRW 590 million; around 40 enterprises).
The additional budget will go to individualized consulting programs and related programs (KRW 2 billion; 1,600 cases), and re-employment/re-start-up support programs (KRW 3.5 billion; 3,500 beneficiaries).
The ministry will also commit an additional budget to Onnuri Vouchers for traditional markets (KRW 17.6 billion; plans to issue additional vouchers worth KRW 200 billion), promotion and marketing projects for traditional markets around PyeongChang 2018 Olympic Games venues (KRW 3.8 billion; two markets), and the Market Manager Project (KRW 600 million; 100 managers).