Finda: Number of Self-Employed After Resignation Up 1.5 Times... Loans Increase by 24%

4 Out of 5 Business Owners Are in Their 30s and 40s

Fintech company Finda announced on August 12 that the number of self-employed business owners has increased by 1.5 times over the past year, despite the economic downturn.

Despite the economic recession, the number of owners in their 30s and 40s who started self-employment has increased by 1.5 times. Finda

According to Finda, the number of users who changed their occupation from salaried employee to self-employed business owner among those who signed loan agreements with Finda in the first half of the year increased by 1.5 times compared to the same period last year. During the same period, the total amount of loan agreements and the number of loan agreements for these users rose by 24.3% and 27.4%, respectively.

Owners in their 30s and 40s accounted for 77.5%, or 4 out of every 5 business owners. By age group, those in their 40s represented the largest share at 42.1%, followed by those in their 30s at 35.4%, those in their 50s at 19.6%, those in their 60s at 2.6%, and those aged 70 or older at 0.2%.

The number of users in their 30s and 40s who transitioned to self-employment after resigning from their jobs also increased by 48.3% during the same period. The total amount of loan agreements for this group rose by 22.8%.

The average agreed interest rate for users in their 30s and 40s who became self-employed after resigning from their jobs in the first half of the year fell by 1.25 percentage points compared to the same period last year. Considering that their average loan amount was 14.29 million won, this translates to saving approximately 180,000 won in annual interest based on a 12-month lump-sum repayment.

A Finda representative stated, "The environment for self-employment is more challenging than ever due to the triple difficulties of high inflation, low growth, and a sluggish domestic market. We will expand our partnership products and enhance customized services to help young aspiring business owners who are preparing for a second chapter in life as self-employed after resigning from their jobs, so they can receive loans under better conditions."

Meanwhile, Finda offers a free restaurant business startup calculator through 'OpenUp,' an artificial intelligence (AI) commercial district analysis platform it acquired in 2022. This calculator provides big data on commercial districts needed for site selection, as well as estimates of expected startup costs.