This year, about W3.153 trillion of funds were allocated to 23 projects for starting businesses with newly developed technologies and improving business facilities. Of this W3.153 trillion, the Small and Medium Business Association had W2.805 trillion and the Ministry of Knowledge Economy W362.5 billion. According to the Small Business Corporation, which is in charge of execution of the funds, 80 percent of the available money this year had been spent as of the end of October.

The SMBA plans to secure W100 billion of additional funds by the end of this year and help SMEs that have potential for future growth despite temporary cash flow trouble. Currently, 12 organizations are in charge of implementing funds, but from next year, all will be concentrated in the hands of the SBC for greater efficiency.

The SMBA allocated an additional W1 trillion in next year’s budget in expectation of a continued recession, promising W300 billion in new funds to help SMEs in the provinces for the sake of balanced growth of the national economy.

The association also plans to create a fund of W100 billion to help those wishing to start up new businesses with newly developed technologies in the provinces, and another W100 billion fund to help self-employed people who have to close their business.

(englishnews@chosun.com )