Impact of COVID-19... 17,000 Inquiries on Financial Support for Small Business Owners Over 8 Days
[Asia Economy Reporter Kim Hyo-jin] The voices of small business owners struggling with financial difficulties due to the spread of the novel coronavirus infection (COVID-19) are increasing.
According to the Financial Services Commission on the 21st, from the 7th to the 18th, a total of 8 business days since the government decided on a financial support plan worth 2 trillion won, approximately 17,000 consultations and inquiries related to COVID-19 difficulties were made to consultation desks of policy financial institutions, commercial banks, and credit card companies.
Inquiries through the Small Enterprise and Market Service, which supports small business owners and self-employed individuals, and regional credit guarantee foundations were particularly high, with about 6,200 and 4,400 cases respectively. By industry, the most inquiries came from restaurants and other food service businesses.
Among them, the majority, 78%, inquired about the possibility of new financial support. The Financial Services Commission explained that about 11,000 cases, accounting for 65% of the total consultations, were linked to the COVID-19 damage company financial support program.
During this period, newly supplied funds totaled 322.8 billion won, combining 231.5 billion won from policy financial institutions and 91.3 billion won from private financial companies such as commercial banks and credit card companies.
The Financial Services Commission took measures to exempt responsible personnel from liability in cases without intentional or gross negligence, to prevent financial company staff from being passive in providing support due to concerns that defaults by supported companies might lead to future liability.
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On the same day, Son Byung-doo, Vice Chairman of the Financial Services Commission, held a financial situation review meeting related to COVID-19 and urged, "Policy financial institutions and the financial sector executing policies should share the government's awareness and take a more proactive approach to overcoming the damage."
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