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Small and medium enterprises policy funds financing system

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Small Business Corporation (SBC), Republic of Korea Seung Ji Lee, Researcher, Small Business Corporation (SBC) Sun Yeong Hong, Senior Researcher, Korea Small Business Institute (KOSBI)
Research Management
Korea Development Institute (KDI) School of Public Policy and 	 Management
Supported by
Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000194-01 ISBN 978-89-93695-40-3 94320 ISBN 978-89-93695-27-4 [SET 40] Copyright © 2012 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000194-01
Knowledge Sharing Program
2011 Modularization of Korea’s Development Experience
Small and Medium Enterprises Policy Funds Financing System
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea had transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is unlocking the secrets behind Korea’s rapid and broad-based development, which can offer invaluable insights and lessons and knowledge that can be shared with the rest of the international community. Recognizing this, the Korean Min


Full Text
Title Small and medium enterprises policy funds financing system
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Lee, Seung Ji

Publisher

Seoul:KDI School of Public Policy and Management

Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-93695-40-3; 978-89-93695-27-4 [SET 40]
Pages 86
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KDI School of Public Policy and Management
Supervisor KDI school of Public Policy and Management
Organizer Small and Medium Business Administration; Small Business Corporation
Sponsor Ministry of Strategy and Finance
Project Term 2011-01-01 ~ 2011-12-31

Abstract

Thanks to the launch of four 5-year economic development plans, the Korea economy has achieved dramatic growth through industrialization. By the end of the 1970s, there was a nationwide consensus for the promotion of small and medium enterprises to achieve sustainable growth and development, built on an upgraded industrial structure. As a result, the Small and Medium Enterprises Promotion Act was enacted. Per the Act, the Small &medium Business Corporation (SBC) was founded in January 1979 to implement assistance policies for small&medium enterprises. SBC was founded as a special corporation and implements an extensive range of programs, such as the policy funds financing project, consulting, training, overseas marketing, and support for small and medium enterprises penetrating overseas markets.
When the SBC was first established, most SMEs found financing through the banking industry. However, there were many that could not obtain financing, due to the lack of collaterals or performance-based evaluations. (The rest omitted)