Prime Minister Jeong Sye-kyun Visits Small Business Funding Site: "Financial Institutions' Response Efforts More Crucial Than Ever"

Inspection of the Rapid Execution Status of Financial Support for Small Business Owners

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] Prime Minister Chung Sye-kyun visited the Daejeon Credit Guarantee Foundation and the Industrial Bank of Korea’s Daejeon Jungang-ro branch on the afternoon of the 7th to check the rapid execution status of financial support for small business owners.

This visit was arranged to listen to field opinions and encourage officials by visiting the regional credit guarantee institution and the Industrial Bank of Korea, which are the funding execution agencies related to the government’s ‘Rapid Execution Plan for Financial Support for Small Business Owners,’ following bottlenecks occurring in the financial support process for small business owners.

Prime Minister Chung first visited the Daejeon Credit Guarantee Foundation, received explanations on improvement plans for financial support for small business owners, the performance of regional credit guarantee small business funding support, and measures to resolve guarantee backlogs, and encouraged employees and related personnel while inspecting the head office office.

Prime Minister Chung emphasized, “Everyone knows well how much pain small business owners are going through due to the novel coronavirus infection (COVID-19) crisis, and the government has made great efforts through multiple policies to support small business owners. When thirsty, a glass of water is important, and support is needed when difficulties are great.”

He also said, “I would like to take this opportunity to thank the entire group, including the regional credit guarantee fund, the Industrial Bank of Korea, and commercial banks, for working together to save small business owners, and I ask everyone to unite their efforts so that the difficulties of small business owners can be resolved in this challenging situation.”

To the employees of the Daejeon Credit Guarantee Foundation, he stressed, “It is a more important time than ever for financial institutions to respond appropriately to the urgent situations faced by small business owners, so please carry out your duties with a ‘sense of mission’ to protect our small business owners from the shock of COVID-19.”

Meanwhile, Prime Minister Chung visited the Industrial Bank of Korea’s Daejeon Jungang-ro branch, received a report on the all-out response status for financial support and rapid loan execution for small business owners from Yoon Jong-won, President of the Industrial Bank of Korea, and encouraged the bank employees and small business owners consulting for loans while inspecting the loan consultation desk.

Prime Minister Chung expressed gratitude for the Industrial Bank of Korea’s active role in supporting small business owners, understanding the local economy well, and urged, “The Ministry of SMEs and Startups and the Financial Services Commission must work with a sense of urgency that if small and medium enterprises and small business owners collapse, the local economy collapses, and do their best to resolve bottlenecks so that financial support can be provided in a timely manner.”

This content was produced with the assistance of AI translation services.