On the second day of the month, the Ministry of SMEs and Startups revealed its budget plan for the year 2026, amounting to a substantial 16.84 trillion won, marking an increase of 10.5% from this year’s allocation. The ministry’s comprehensive strategy is aimed at addressing the transformations in the economic landscape brought about by the widespread adoption of artificial intelligence (AI) and providing robust support to small businesses across five primary sectors.
The budget has been meticulously segmented into several pivotal areas, with 4.39 trillion won earmarked for fostering innovation in startups and ventures, while 3.74 trillion won is designated for the digital and AI transition. Additionally, 5.53 trillion won is directed towards supporting small enterprises, with further allocations of 1.32 trillion won to enhance regional corporate ecosystems and 572.5 billion won for nurturing a collaborative growth environment.
Delving deeper into the specifics of the proposed initiatives, the ministry plans to bolster venture capital investments significantly by increasing the size of the Fund of Funds to a record 1 trillion won, dedicating half of this amount towards investments in AI and deep tech sectors. Furthermore, in a bid to promote entrepreneurship, the ministry will double the funding for its ‘Second Chance Fund,’ designed to support those who wish to re-enter the business world.
The newly established ‘Unicorn Bridge’ initiative will receive 32 billion won in funding, aimed at nurturing over fifty innovative companies into global unicorns. In addition, the ministry is expanding its ‘Super Gap Startup 1000+ Project,’ which will offer commercialization funds to 746 promising startups in ten key emerging industries.
Research and development (R&D) funding for small businesses is set to increase by a remarkable 45%, reaching 2.2 trillion won. Special emphasis will be placed on the establishment of smart factories, with a budget increase of 84.9%, amounting to 436.6 billion won. The ministry has also allocated 99 billion won for the swift commercialization of AI applications.
In terms of export support, the budget includes 150.2 billion won for the ‘Export Voucher’ program and 3 billion won for the development of the ‘K-Beauty Cluster.’ The support for small businesses is further reinforced with a substantial allocation of 579 billion won for the ‘Small Business Management Stability Voucher,’ which will assist in covering essential costs such as utility bills, insurance premiums, communication expenses, and fuel costs, benefiting approximately 2.3 million small business owners with annual revenues below 100 million won.
The issuance of Onnuri gift certificates will reach 5.5 trillion won, with a notable expansion of digital gift certificates, which will constitute 4.5 trillion won of this total. Additionally, the ministry is set to launch the ‘Innovation Small Business AI Utilization Support’ program with a budget of 11.4 billion won, aimed at aiding small businesses in improving operational efficiency through AI adoption. The ‘K-Small Business Growth’ initiative will also be implemented, focusing on assisting small business products in transitioning to export models and connecting them to international markets.
The budget for fostering regional corporate ecosystems includes the establishment of a ‘Regional Startup Festival’ with a budget of 3.6 billion won, along with investments of 26.6 billion won for nurturing global innovation zones and 96.9 billion won for supporting leading regional innovation companies. Furthermore, a new support system for mergers and acquisitions (M&A) will be put in place to facilitate the succession of small and medium enterprises.
Minister Han Seung-sook emphasized that this budget is a result of rigorous expenditure restructuring aimed at reinvesting resources into sectors poised for genuine growth. She reaffirmed the ministry’s commitment to aiding SMEs and small businesses in overcoming challenging economic conditions and achieving stable growth. This ambitious budget proposal reflects the government’s recognition of the critical role that innovation and small businesses play in driving economic resilience and growth.
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