Korea Evaluation Information Extends 3-Minute Report to Small Business Corporations

## Small Business Corporations Clear Public Procurement Hurdle Online in 3 Minutes Korea Credit Service (KCS), a specialized credit rating agency for full-time sole proprietors, has expanded its service for issuing credit rating certificates for submission to public institutions to include small business corporations, opening a new door for entry into the public procurement market. The innovative '3-minute report issuance service', previously offered to sole proprietors, is now extended to small businesses structured as corporations, resolving long-standing difficulties in participating in public procurement. Until now, small business corporations had to undergo cumbersome document preparation and offline face-to-face procedures to obtain the credit rating certificates required for bids from major public institutions like the Public Procurement Service's Nara Jangteo. This not only consumed time and cost but also acted as a high barrier to entry into the public procurement market. However, with the expansion of KCS's service, such inconveniences are now a thing of the past. Small business corporations can now obtain credit rating certificates online in just 3 minutes, without any separate document submission or face-to-face procedures. This is thanks to the system established by Korea Credit Service on its small business credit rating platform 'Credit Note', which allows immediate verification of business performance-based credit ratings and easy issuance of the essential credit rating certificate simply by authenticating through Hometax. This service was designated as an innovative financial service by the Financial Services Commission in April 2025 and then commercialized after close consultation with the Public Procurement Service. It is highly anticipated to contribute significantly to lowering the barrier to entry into the public procurement market and provide substantial help in expanding public sector sales for small business corporations. Lee Min-je, CEO of Korea Credit Service, stated, "We are continuously advancing our credit rating infrastructure to help many small businesses secure financial and procurement opportunities more quickly and easily, based on fair and transparent evaluation standards," adding his ambition to "continue expanding digital-based innovative evaluation services to become a reliable partner for small businesses in South Korea." This innovation by KCS will be an important step in helping small business corporations seize more opportunities in a fair competitive environment through swift and impartial credit evaluations.