"Small Business New Start Support Center" Launched... One-Stop Support from Debt Adjustment

Expert Support for Small Business Personal Rehabilitation and Bankruptcy
Fast-Track Agreement with Seoul Bankruptcy Court

The "Small Business New Start Support Center," which provides one-stop support for small business owners from debt adjustment to business recovery, has been launched.

On May 22, the Ministry of SMEs and Startups held an opening ceremony for the "Small Business New Start Support Center" at the Seoul Jungbu Center of the Small Enterprise and Market Service in Jongno-gu, Seoul. The ministry announced that it would strengthen support for debt adjustment and business recovery for small business owners struggling with excessive debt.

Minister Oh Youngjoo of the Ministry of SMEs and Startups is delivering a speech at the opening ceremony and meeting of the Small Business New Start Support Center held at the Seoul Jungbu Center of the Small Enterprise and Market Service in Jongno-gu, Seoul, on the 22nd. Ministry of SMEs and Startups

The "Small Business New Start Support Center" is a reorganization of the "Business Recovery Support Center" previously operated by the Small Enterprise and Market Service. In addition to the existing functions of supporting business closure, business restart, and re-employment, the center has significantly enhanced its support for debt adjustment, including personal rehabilitation and bankruptcy. Minister Oh Youngjoo of the Ministry of SMEs and Startups stated, "The Small Business New Start Support Center is not just an administrative space, but a symbol of hope that small business owners can stand up again," adding, "The government will provide a strong foundation so that small business owners in crisis can quickly complete debt adjustment and successfully recover."

The center, which opened on this day, assists small business owners in establishing repayment plans tailored to their asset and debt status through consultations with financial and legal experts, and provides close support for the entire process from preparing application documents to submitting them to the court for debt adjustment. In addition, on May 20, the Ministry of SMEs and Startups signed a memorandum of understanding (MOU) with the Seoul Bankruptcy Court to establish a dedicated court division for small business debt adjustment, enabling small business owners to complete debt adjustment procedures more quickly. As a result, debt adjustment cases submitted through the center will be classified as institution-referred cases in court and assigned to a dedicated division (fast track) for expedited review procedures.

At the policy meeting held after the opening ceremony, small business owners who had actually experienced debt adjustment shared their stories. Various on-site opinions were presented, including the cost of bankruptcy trustees, the complexity of application procedures, and the need for expert support. Minister Oh stated, "With the number of small business owners burdened by debt increasing due to persistently high interest rates and inflation, it is important for the government to establish a practical foundation for debt adjustment and business recovery," adding, "We will do our utmost to strengthen cooperation with the courts and private experts to fulfill the government's role in supporting small business recovery."