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Seoul expands loan support for SMEs

16 January 2020
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South Korea’s Defense Acquisition Program Administration (DAPA) has outlined a new funding programme for small and medium-sized enterprises (SMEs) in the defence sector.

DAPA said on 17 January that through its ‘defence industry preservation loan project’ it would make available up to KRW200 billion (USD172.3 million) for local firms, especially SMEs. The funding is sourced from the national defence budget.

DAPA said the loan project is aimed at “improving conditions for local industry and to strengthen the foundation for sustainable growth of defence-sector companies and SMEs”.

It added that “priority support” would be provided to defence SMEs that are investing in 4th Industrial Revolution (4IR) technologies such as artificial intelligence and autonomous systems.

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