SMEs "Welcome Comprehensive COVID-19 Measures"... Join Efforts to Minimize Damage

Exterior view of the Korea Federation of Small and Medium Business Associations

[Asia Economy Reporter Kim Daeseop] On the 28th, the small and medium-sized enterprises (SME) sector expressed its welcome for the government's comprehensive 'Livelihood and Economic Measures' aimed at minimizing the impact of the novel coronavirus infection (COVID-19) and achieving early recovery.

On this day, the SME sector stated, "We welcome the government's announced comprehensive livelihood and economic measures, especially at a time when small and micro enterprises are facing more severe difficulties than ever due to the COVID-19 crisis."

They particularly emphasized that the proposals they had suggested were reflected. The SME sector said, "In particular, the expansion of management stabilization funds and the Bank of Korea's financial intermediary support loan limits, as well as the expansion of employment retention subsidies, will greatly help the management of SMEs and small business owners who are experiencing financial difficulties due to declining sales," expressing their expectations.

They also stressed the prompt preparation of the supplementary budget. The SME sector said, "However, as shown in our survey that the proportion of affected SMEs has doubled in the past 20 days, we urge the government to strengthen monitoring to ensure smooth financial support on the ground and to promptly prepare the supplementary budget."

The SME sector added, "The industry will also actively participate in minimizing damage to small business owners by actively promoting the 'Good Landlord Movement' and other cooperative efforts in the spirit of coexistence."