Minister Oh Young-joo: "Liquidity Supply Planned to Minimize Timef 피해"

Ministry of SMEs and Startups Holds Meeting with Companies Unsettled on Sales Proceeds
Listening to On-site Management Difficulties and Announcing Policy Support Plans

On the afternoon of the 14th, the Ministry of SMEs and Startups held a meeting at Dream Square in Mapo, Seoul, with companies that suffered damages due to delayed settlements from TMON and WEMAKEPRICE.

Today's meeting was organized to listen to the difficulties companies are experiencing on-site regarding unsettled payments and to provide guidance on the government’s prepared support plans. Small and medium-sized enterprises and small business owners attending the meeting shared the management difficulties caused by unsettled payments, and ministry officials, including Minister Oh Young-joo, explained government policies in response to the companies' inquiries.

Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering opening remarks at the "Emergency On-site Inspection Meeting for the Implementation of Comprehensive Measures for Small Business Owners" held on the 11th at the Seoul Western Center of the Small Enterprise and Market Service in Yeongdeungpo-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Earlier, the Ministry of SMEs and Startups immediately participated in an inter-agency task force to discuss support measures as soon as the seriousness of the unsettled payment issues with TMON and WEMAKEPRICE was raised. On July 27 and August 7, the government announced emergency management stabilization fund support plans to assist companies struggling with liquidity, including these measures in the government’s countermeasures.

Since last week, the emergency management stabilization fund program has been announced, and applications from companies have begun to be accepted. To minimize inconvenience for companies and ensure timely and swift liquidity supply, applications are also accepted online, and loan screening is being simplified.

Additionally, considering the very high on-site demand for the emergency management stabilization fund provided by the Korea SMEs and Startups Agency, the Ministry of SMEs and Startups decided to increase the fund amount after consultations with financial authorities.

Minister Oh stated, “We plan to promptly supply liquidity to minimize the damages suffered by small and medium-sized enterprises and small business owners who have not received promised sales proceeds from TMON and WEMAKEPRICE,” adding, “In particular, we have decided to increase the Korea SMEs and Startups Agency’s emergency management stabilization fund considering the high demand on-site.”