South Korea Expands Access to Biz Plus Card for Small Businesses

The South Korean Ministry of SMEs and Startups is expanding access to the Biz Plus Card, a credit card designed to support small business owners with operational expenses. Applications for the program open on March 23, 2026, with broadened eligibility criteria and increased convenience for card usage.

Expanded Eligibility Criteria

Reflecting feedback from small business owners, the Ministry has broadened the scope of support and usage areas for the Biz Plus Card. Key changes include:

• Credit Score Requirements: The NICE credit score requirement has been expanded from 595 to 879 points to 595 to 964 points. [Source: The Chosun Ilbo]
• Business Experience: The required business operating history has been reduced from over one year to over six months. [Source: The Chosun Ilbo]
• Existing Guarantee Product Holders: Small business owners who have already received support for similar guarantee products from regional credit guarantee foundations (such as the Gyeonggi Credit Guarantee Foundation’s ‘Gimnae GO Card’ or the Busan Credit Guarantee Foundation’s ‘3 Mu Hope Credit Card’) can now receive additional support of up to 10 million won. [Source: The Chosun Ilbo]

Increased Convenience and Benefits

Several changes have been implemented to build the Biz Plus Card more accessible and user-friendly:

• Electricity Bill Payments: Starting this year, electricity bills can be paid through the Korea Electric Power Corporation customer center using the Biz Plus Card, offering a convenient option for elderly individuals or those with limited internet access. [Source: The Chosun Ilbo]
• Expanded Usage Items: For small business owners in the wholesale and retail industries, eligible purchases now include clothing and miscellaneous goods. [Source: The Chosun Ilbo]
• Existing Benefits Maintained: The Biz Plus Card continues to offer benefits such as 6-month interest-free installments and an annual fee exemption.

Application and Guarantee Fees

While the benefits of the Biz Plus Card have been enhanced, applicants will now be required to directly pay the guarantee fee for the issuance of a guarantee certificate. The fee is 72,000 won per year (based on a 90% guarantee rate and 0.8% guarantee rate). However, new applicants will receive cashback benefits for up to five years, offsetting this cost.

How to Apply

Applications for the Biz Plus Card guarantee can be made through the Regional Credit Guarantee Foundation’s ‘Guarantee Dream’ app starting March 23, 2026. Once the guarantee is approved, applicants can visit an IBK Industrial Bank branch to apply for card issuance. Card issuance applications will also be available through the app starting in mid-April.

Detailed information is available on the Ministry of SMEs and Startups website. Guidance can also be obtained through the Regional Credit Guarantee Foundation or an IBK Industrial Bank of Korea branch.

Choi Won-young, head of the small business policy office at the Ministry of SMEs and Startups, stated, “With this reorganization, more small business owners will be able to apply the Biz Plus Card,” adding, “I hope it will be of practical help to many people’s business activities.” [Source: The Chosun Ilbo]