SMEs Ministry to provide 2nd export vouchers to 300 companies

[Courtesy of Ministry of SMEs and Startups]

South Korea’s Ministry of SMEs and Startups announced on Sunday that it will provide export vouchers to about 300 companies applying for its program that aims to boost overseas growth.

The ministry has started receiving applications on Monday, which will continue until July 4.

The second phase of this year’s Export Voucher Program aims to support domestic small and medium-sized enterprises (SMEs) in entering overseas markets by providing customized support for 14 types of overseas marketing services, including public relations, buyer discovery, foreign certification, and international transportation.

Participating companies can choose and use services and service providers offered in a menu format using vouchers (online points) composed of government support funds and corporate contributions.

Any SME, as defined by the Framework Act on Small and Medium Enterprises, is eligible to participate.

Depending on their export volume, companies are classified into categories such as domestic, beginner, promising, growing, and strong SMEs, with support ranging from 30 million won ($21,688) to 100 million won.

Companies with exports exceeding $1 million last year and an average annual export growth rate of over 20 percent in the past three years can receive double the voucher support limit, up to 200 million won.