South Korea’s Ministry of SMEs and Startups announced on the 22nd the Second Basic Plan for Promoting Women’s Business Activities, a comprehensive framework designed to systematically support women entrepreneurs throughout their entire business lifecycle, from startup to growth and global expansion. The plan comprises five key pillars aimed at fostering both qualitative and quantitative growth of women-owned businesses: strengthening entry into new technology and emerging sectors, providing customized startup support, facilitating scale-up initiatives, creating a business-friendly environment, and reinforcing institutional frameworks and infrastructure.
Strengthening Entry into New Technology and Emerging Sectors
The government will intensively foster women-friendly industries such as femtech, beauty technology, and food technology while supporting promising startups in these sectors. Women entrepreneurs will receive support to venture into cutting-edge fields through initiatives like the Hyper-Gap Startup 1000+ Project. Additionally, the ministry will operate dedicated research and development programs for women-owned businesses and implement digital transformation programs tailored to their needs.
Enhanced Customized Startup Support for Women
The plan includes providing generation-specific startup programs targeting female university students and women with career experience. Women’s Business Comprehensive Support Centers will be expanded to serve as regional hubs, while programs to nurture female local creators will be established. The initiative also encompasses CEO lecture series and mentoring programs led by successful women business leaders.
Scale-Up Support for Female-Owned Businesses
The government will invest 10 billion won annually in a dedicated fund of funds for women entrepreneurs and supply 500 billion won each in policy loans and new credit guarantees annually. Women-owned businesses will receive additional points when applying for export vouchers and other global expansion support programs. Furthermore, public institutions’ purchases from women-owned businesses will be expanded to reach 20 trillion won by 2029.
Creating a Women-Friendly Business Environment
Support for women CEOs during pregnancy, childbirth, and childcare periods will be expanded, including through the Yellow Umbrella Mutual Aid maternity loan program. The government will establish women-friendly workspaces and strengthen incentives for employers who provide childcare support. Special programs will also be operated to support immigrant women entrepreneurs and female heads of households.
Strengthening Institutional Frameworks and Infrastructure
The scope of women’s business certification will be expanded to include agricultural and fishery cooperatives. The ministry is pushing to reform how public institutions calculate their women’s business procurement ratios, changing from a contract-based standard to a total purchase amount standard. Regular surveys and data-driven customized policy development will be reinforced to better serve the needs of women entrepreneurs.
The comprehensive plan represents the government’s commitment to removing barriers and creating equal opportunities for women in South Korea’s entrepreneurial ecosystem.
Scale-Up Support for Women-Owned Businesses
The government will invest 10 billion won annually in a dedicated fund of funds for women entrepreneurs and supply 500 billion won each in policy loans and new credit guarantees annually. Women-owned businesses will receive additional points when applying for export vouchers and other global expansion support programs. Furthermore, public institutions’ purchases from women-owned businesses will be expanded to reach 20 trillion won by 2029.
Creating a Women-Friendly Business Environment
Support for women CEOs during pregnancy, childbirth, and childcare periods will be expanded, including through the Yellow Umbrella Mutual Aid maternity loan program. The government will establish women-friendly workspaces and strengthen incentives for employers who provide childcare support. Special programs will also be operated to support immigrant women entrepreneurs and female heads of households.
Strengthening Institutional Frameworks and Infrastructure
The scope of women’s business certification will be expanded to include agricultural and fishery cooperatives. The ministry is pushing to reform how public institutions calculate their women’s business procurement ratios, changing from a contract-based standard to a total purchase amount standard. Regular surveys and data-driven customized policy development will be reinforced to better serve the needs of women entrepreneurs.
The comprehensive plan represents the government’s commitment to removing barriers and creating equal opportunities for women in South Korea’s entrepreneurial ecosystem.
