The government said Tuesday it will grant a subsidy of 11 billion yen in the current fiscal year to small and medium-size enterprises in promoting development and research of innovative industrial technology, officials said.

The scheme is part of a government program on small business innovation research and first of the kind adopted in accordance with the Law for Facilitating the Creation of New Business, which was enacted late last year to boost new businesses and employment.

According to the plan, the government will set up a liaison conference on its own to take effective measures and encourage broader activities by small businesses via the Internet and other publicity work to participate in the program.

Entrepreneurs who succeeded in obtaining the subsidy will be entitled to special business exemptions, such as greater government credit guarantees and investment for establishment of a joint-stock company, the officials said.

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