The current Act allows the Minister of SMEs and Startups to support micro enterprises’ business stabilization and growth and establish the Market Promotion Fund for Micro Enterprises to provide direct financing to help micro enterprises grow continuously.

In this regard, the government has recently provided an emergency business stabilization fund through direct or contactless loans to tackle micro enterprises’ business crisis due to COVID-19. Even though various funding mechanisms are introduced, however, it is most important for micro enterprises to receive emergency funds quickly.

In this context, if a fund project is initiated such as direct financing for micro enterprises due to contracting consumption caused by national crises like COVID-19, this Act aims to prepare the explicit basis that allows the Small Enterprise and Market Service to provide funds to micro enterprises as quickly as possible from their application date (Article 22-5 newly established).

Provide expedited support during disaster (Article 22-5)