Ministry of the Interior and Safety Selects 13 Outstanding Local Governments for Financial Support to Low-Credit Small Business Owners and Self-Employed

Daejeon Metropolitan City, Gwangju Buk-gu, Jeonnam Haenam-gun, Gyeongbuk Sangju-si Awarded Best

[Image source=Yonhap News]

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 25th that it conducted the ‘2022 Low-Credit Small Business Owners and Self-Employed Financial Support Best Practices Evaluation’ and selected 13 outstanding local governments that contributed to resolving the financial benefit blind spots for low-credit individuals and supporting their recovery.

The ‘Low-Credit Small Business Owners and Self-Employed Financial Support Best Practices Evaluation’ was launched this year for the first time to provide opportunities for small business owners and self-employed individuals, who face difficulties using institutional finance due to low credit scores, to economically advance.

This evaluation was fairly conducted through a two-stage process: the first stage involved a written review (quantitative and qualitative evaluation) by a panel of external experts including finance professors, followed by a second stage presentation review, assessing the financial support achievements of local governments for low-credit small business owners and self-employed individuals.

The honor of being the ‘2022 Low-Credit Small Business Owners·and Self-Employed Financial Support’ top local governments went to Daejeon Metropolitan City, Buk-gu of Gwangju, Haenam-gun in Jeonnam, and Sangju-si in Gyeongbuk. The 13 outstanding local governments selected this time will receive special grants (totaling 3 billion KRW), and the top local governments and meritorious public officials will be awarded commendations from the Minister of the Interior and Safety.

Choi Byung-kwan, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, stated, “Through the establishment of an organic cooperative system among the Ministry of the Interior and Safety, local governments, and regional financial institutions, we will actively support low-credit small business owners who are struggling due to high inflation and high interest rates to not give up and to stand back up.”