The Korean government announced on the 20th the selection of 547 small and medium-sized enterprises (SMEs) and mid-sized companies as 'Innovation Premier' companies for the second round this year, to receive concentrated policy financing and non-financial support. The Financial Services Commission, together with 14 ministries including the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and the Ministry of Science and ICT, made the announcement. Following the first selection of 542 companies last year, the addition of 547 companies this year brings the total number of Innovation Premier companies to 1,005, excluding duplicate and re-selections. The Innovation Premier 1000 program discovers excellent SMEs and mid-sized companies by industry and links them with policy financing and government support projects, integrating the previous 'Innovation Company National Representatives 1000' and 'Excellent Company Preferential Process' programs that began operation last year.
Government Selects 547 Innovation Premier Companies for Policy Support
The Financial Services Commission announced that 14 ministries jointly selected 547 companies for the second round of 'Innovation Premier 1000' companies this year. The program targets SMEs and mid-sized companies with high innovation and growth potential. The 496 newly selected companies will receive customized financial and non-financial support from policy financial institutions and special benefits from each ministry's support projects until the end of 2027.
Selected Companies Receive Financial Benefits Through 2027
Selected companies can receive financial support through institution-specific products including preferential interest rates, expanded loan limits, preferential guarantee ratios and guarantee fees, and policy fund investments. The financial support is provided through policy financial institutions' dedicated products designed specifically for Innovation Premier companies.
Non-Financial Services Include IR and Export Support
Non-financial services provided to selected companies include investment attraction (IR), consulting, and export support. The program also links companies with ministry-specific support projects such as research and development (R&D) and promotional support.
Ministry of Science and ICT Leads Selection with 108 Companies
By ministry, the Ministry of Science and ICT selected the most companies with 108, followed by the Ministry of SMEs and Startups with 100 companies, the Ministry of Trade, Industry and Energy with 80 companies, the Ministry of Climate, Energy and Environment with 37 companies, and the Ministry of Agriculture, Food and Rural Affairs and the Public Procurement Service each selecting 29 companies. The Financial Services Commission selected 8 companies in the fintech sector including AI, overseas remittance, insurtech, and asset management.
By industry, the manufacturing and mobility sector had the most selections with 107 companies, followed by artificial intelligence (AI) with 95 companies, environment and smart agriculture/fisheries with 85 companies, ICT and digital with 63 companies, and bio-health with 59 companies.
Previous Selection Companies Received 4.9 Trillion Won in Financing
The government disclosed support performance for Innovation Premier companies selected last year. Policy financial institutions provided financial support totaling 4.9065 trillion won through 3,202 cases of loans, guarantees, and investments to 457 companies out of 509 selected companies through May. In the non-financial sector, the government provided 246 cases of support including investment briefings (IR), booth exhibitions, and consulting to 127 companies.
Government Plans Annual Selection of 500 Companies
The government plans to maintain approximately 1,000 Innovation Premier companies by additionally selecting about 500 companies each year. The government will adjust the selection volume by ministry by analyzing support demand and performance.
FAQ
What is the Innovation Premier 1000 program?
The Innovation Premier 1000 program discovers excellent SMEs and mid-sized companies by industry and links them with policy financing and government support projects. The program integrates the previous 'Innovation Company National Representatives 1000' and 'Excellent Company Preferential Process' programs that began operation last year.
How many companies received financial support from last year's selection?
Policy financial institutions provided financial support totaling 4.9065 trillion won through 3,202 cases of loans, guarantees, and investments to 457 companies out of 509 selected companies through May.
