Ministry of SMEs and Startups Holds On-Site Meeting to Ease Financial Burden on Small Business Owners

Listening to On-Site Voices on Financial Difficulties

On July 18, the Ministry of SMEs and Startups announced that it held an on-site communication meeting at the Policy Research Institute of the Small Enterprise and Market Service in Daejeon to discuss ways to ease the financial burden on small business owners.

This meeting was attended by small business owners who are faithfully repaying loans while using the "Three Financial Support Packages" or the "Hope Recharge Project," as well as small business owners receiving recovery support and debt adjustment experts. The ministry listened to the difficulties faced by small business owners utilizing policy funds and debt adjustment programs, and provided information on support policies such as long-term installment repayment and interest rate reduction projects being promoted through the second supplementary budget.

Participants freely shared their opinions from the field, including the need for preferential policies for faithful repayers and difficulties in securing private financing during the recovery process. Representatives from the Ministry of SMEs and Startups, the Small Enterprise and Market Service, and the Korea Federation of Credit Guarantee Foundations provided explanations to questions raised.

The ministry has allocated 290.4 billion won through the second supplementary budget to implement a debt burden reduction program for small business owners who are faithfully repaying policy funds and guarantees. Small business owners facing management difficulties who are making faithful repayments will be supported with special provisions for long-term installment repayment and interest rate reductions, while those who have closed their businesses but are still faithfully repaying will be eligible for special guarantee support.

Choi Wonyoung, Director General for Small Business Policy at the Ministry of SMEs and Startups, said, "We have decided to promote the long-term installment repayment project to provide practical help to small business owners who have continued to make faithful repayments despite difficult conditions such as rising prices and increased operating costs." He added, "We will do our utmost to ease the financial burden on small business owners, not only through the efforts of the ministry but also by working closely with relevant agencies."