Kwon Daeyoung Holds On-Site Meeting with Small Business Owners
The financial authorities have announced plans to provide new funds to small business owners, including expanding loan limits and preparing a "three-part interest rate reduction package" that includes loan refinancing. This initiative was established to implement the directives mentioned by President Lee Jaemyung at the "Chungcheong Region Town Hall" held on July 4, 2025.
On July 17, 2025, the Financial Services Commission held an on-site meeting at the Digital Education Center of the Korea Federation of Micro Enterprises in Mapo-gu, Seoul, where they introduced the policy direction for financial support for small business owners and listened to feedback from the field.
The meeting was attended by Song Chiyoung, President of the Korea Federation of Micro Enterprises, along with 15 small business owners representing various industries and regions. Relevant government ministries such as the Ministry of SMEs and Startups and the Ministry of Employment and Labor, as well as policy financial institutions, also participated.
Kwon Daeyoung, Secretary General, stated, "We organized this meeting with the intention of putting ourselves in the shoes of small business owners, listening carefully to their voices, and identifying what is truly needed from their perspective."
Based on previous suggestions from small business owners, the Financial Services Commission presented five policy tasks. First, in response to concerns that loan limits are maxed out, the commission announced plans to develop new funding options that would provide greater financial support at lower interest rates and guarantee fees.
To ease the burden of loan interest and fees, the commission is considering a "three-part interest rate reduction package," which includes personal business loan refinancing, strengthening the right to request interest rate reductions, and easing early repayment fees.
To help small business owners manage their assets by easily identifying their total loan amounts and interest payments, the commission also plans to introduce "MyData for Sole Proprietors." Beyond financial support, there are plans to collaborate with the financial sector and public institutions to provide commercial district, industry, and financial analysis information, as well as to collect and utilize sales and business information relevant to small business owners.
The commission also plans to work with relevant ministries to integrate complex government support programs so that personalized guidance can be provided to individuals. Additional suggestions from small business owners were raised during the meeting.
Many participants called for incentives for those who repay faithfully, and requested the launch of low-interest products exclusively for small business owners by card and capital companies, reductions in early repayment fees, and lower card fees or fiscal support for items such as tobacco and national taxes.
There were also calls for improvements to debt adjustment systems, including expanding support and partnership institutions for the Saechulbal Fund, introducing integrated systems for debt adjustment programs, and more.
Other suggestions under consideration include developing products that offer higher interest rates for young small business owners, expanding early repayment fee reforms to mutual finance institutions, and establishing systems to assess credit capacity based on business performance rather than personal credit.
Following this meeting, the Financial Services Commission will continue to hold themed relay meetings and regional on-site meetings with the Korea Federation of Micro Enterprises and the financial sector to address the financial difficulties of small business owners.
Meanwhile, since receiving a directive from President Lee Jaemyung to "gather small business owners with debt and conduct a group discussion on what you would do if you were the financial authorities," the commission has been actively engaging in field communication and rolling out related policies. President Lee has also publicly praised the policy responses of the Financial Services Commission, including commending Chairman Kim Byunghwan and Secretary General Kwon Daeyoung in relation to the June 27 real estate measures.
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