A Lifeline for Korea's SMEs
A Lifeline for Korea's SMEs
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  • 승인 2006.02.01 12:01
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SMBA to focus on informatization and funding support Small and Medium Business Administration Amain priority for the Small and Medium Business Administration (SMBA) is strengthening the IT field's support for smaller companies, such as informatization support. Meanwhile, the Administration is putting the emphasis of its policy on nurturing small but strong and innovative smaller companies to usher in the $20,000 per capita GDP era.
To boost competitiveness in the knowledge informatization age, enhancing informatization ability is urgent, but at the moment the informatization level of small and medium-sized enterprises (SMEs) is very low, at the 50.3 mark (base level: 100) according to the Korea Information Management Institute for Small & Medium Enterprises. Kim Sung-Jin, Administrator of the SMBA said in an exclusive interview with The Korea IT Times regarding its 2006 support measures for smaller companies that the Administration is striving to lift smaller company's informatization level up to 70 percent of that of larger companies and to secure informatization strength by business category or by region for local smaller companies who need support. First of all, the Administrator underscored that the core of innovation-model SMEs is above all competitive technology, referring to the fact that smaller company entrepreneurs with excellent technology have to be able to secure funding easier, along with all sorts of measures to develop competitive technology. In this regard, SMBA is planning to focus on mapping out and preparing an innovative finance support system through which funding support can be offered to smaller company entrepreneurs with firm technology on the basis of technology power so that the Administrator can see the fruits of efforts of experts in several fields researched and reviewed by taking part for themselves within the first half of the year. Secondly, Kim pointed out that systematic installations are still insufficient to break down unfair business routines of large companies though basic groundwork was prepared to devise coexistence cooperation between large companies and smaller companies. Accordingly, SMBA plans to forge a legal and systematic groundwork to facilitate substantial collaboration between large companies and smaller companies, he added. Thirdly, he stressed that the Administration will continue its efforts to secure basic outlets for smaller companies while in particular, constructing a firm outlet about new technology product smaller companies developed and at the same time, securing niche markets regarding traditional smaller companies product to secure outlets for SMEs. Administrator Kim who assessed that last year was a year to forge a larger framework for SME policy and encouraged SMEs themselves to escape from protection-oriented traditional practice, notes that the SMBA will first of all lay the most preference of SMEs policy on distributing appropriately all policy means such as funds, technology, manpower and outlet etc. in nurturing innovation-model smaller companies. Particularly, SMBA is designing to concentrate more efforts on forging a groundwork through which general-model SMEs also can grow to innovation-model smaller company group as soon as possible.
Concerning support measure strengthening plan for smaller venture company such as fund finance support, human resource support, and start-up venture support, the Administrator elaborates on fund finance support field first. To this end, the SMBA is planning to enforce in earnest from this year by reorganizing a SMEs policy finance support system to market-friendly and setting up innovation-model smaller companies as preferential support object. In addition to this, the SMBA plans to supply differentiated policy funds amounting to 2.7515 trillion won (approx. $2.81 billion) by company type by reorganizing current policy fund structure by use to smaller company's innovation company as well as restructuring-oriented over the first half of the year. Accordingly, in the case of innovation-model companies, policy funds will be supported to them through direct lending as well the future value-oriented assessment. In the case of general-model company, innovation fund to be necessary for quality as well as productivity improvement is supported to them as a form of consulting-based support. As for the human resources support field, Kim pointed to polarization becoming more serious as wages and labor disparity becomes serious between large companies and smaller companies and human resource shortage phenomenon continues despite high youth unemployment. To support smooth human power supply and demand of SMEs, the SMBA plans to expand tailor-made manpower support.
Moreover, Administrator Kim committed himself to improving the work environment as well as labor conditions of SMEs with expenses of 24 billion won plus enhancing social recognition about smaller companies. With regard to start-up venture field support, SMBA is planning to support new technology's start-up activation by beefing up venture investment scale as well as growth possibilityoriented funds/assurance support. Finally, as for the technology support field, Kim emphasized once more that one of the core projects for SMBA this year is to nurture innovation-model smaller companies. In this regard, he concluded by saying that the Administration would concentrate its efforts on facilitating technology innovation of smaller companies this year.

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