– 876 small business owners nationwide participate in a joint support program by the Ministry of SMEs and Startups and the Korea Small Business Corporation
– With a 90% funding success rate and 170,000 supporters participating, the program is revitalizing local economies
– Success stories from local small business owners in sectors such as health functional foods and traditional liquor are emerging one after another… Support for global expansion in the second half of the year is also set to begin in earnest
Wadizannounced on the 24th that, through its “Local Crowdfunding” support program, 876 local small business owners across the country have raised a cumulative total of 13.3 billion won over the past three years.
The "Our Neighborhood Crowdfunding Support Program" is a small business support initiative run by the Ministry of SMEs and Startups and the Small Business and Market Service. It helps small business owners raise funds from local residents, office workers, and investors. Through this program, small business owners can secure the funds needed to operate their businesses and gain opportunities to communicate directly with customers.
Wadizwas selected as the operating agency in November 2023 and has been running the support program for three years, through this year.
The program recruited small business owners nationwide in need of funding and supported their growth through crowdfunding. Over the course of three years, a total of 876 small business owners participated, raising a cumulative total of 13.3 billion won from 170,000 citizens. The success rate of the funding projects averaged 90%.
By year, the figures were 4.3 billion won in 2023, 4.4 billion won in both the first and second halves of 2024, and in 2025, approximately 220 small businesses raised 4.6 billion won in just six months, setting a record high. This year, approximately 50,000 supporters participated in the small business funding campaign.
In particular, to prevent regional disparities, the organization held themed exhibitions in each region and provided marketing support, while also working to alleviate the financial difficulties faced by small business owners.
A prime example of this success is Seol-Ae Co., Ltd., a premium health food brand based in the Gyeongbuk region. Founded by a licensed herbalist, Seol-Ae launched its “Yeonyu Chimhyang-hwan” as a Parents’ Day gift set last April and raised 430 million won in funding within just one month.
In addition, last June, Hamahama, a traditional liquor brand based in Jeju, garnered attention by launching “Nutty Makgeolli,” made with Jeju buckwheat roasted in-house, and raising approximately 13 million won in funding within just one week.
Choi Dong-cheol, CEO Wadiz, who oversaw this project, stated, “Crowdfunding is the fairest platform and a new opportunity for small business owners,” adding, “It is highly significant that the government and the private sector have collaborated to go beyond mere financial support and lay the groundwork for the sustainable growth of small businesses.”
Meanwhile, starting in the second half of this year, Wadizplans to strengthen its position as a partner that helps local small businesses not only enter the online market for the first time but also expand into overseas markets, through the enhancement of its AI-based global services and support programs.
