Fair Trade Commission Chairman Inspects On-site Support for 'Good Franchise' Policy Funds

Support Including Loan Interest Rate Reduction and Guarantee Fee Deduction

Jongwook Cho, Chairman of the Korea Fair Trade Commission. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] On the 10th, Cho Sung-wook, Chairman of the Korea Fair Trade Commission, visited the Korea Fair Trade Mediation Agency to check whether the issuance of certificates for the 'Good Franchise' policy fund support, which has been in effect since the 6th under the comprehensive measures against the novel coronavirus infection (COVID-19), is proceeding smoothly.

Earlier, the Fair Trade Commission decided to provide financial support such as reduced loan interest rates and guarantee fee deductions to franchisors who provided cash support to franchisees.

At the site, Shin Dong-kwon, Director of the Mediation Agency, and officials from the agency, as well as Jeong Hyun-sik, Chairman of the Korea Franchise Industry Association, and other association officials attended.

Chairman Cho received reports on the current status of applications, certificate issuance status, and main supplementary requirements among submitted documents.

He urged special efforts for prompt review so that franchisors can receive policy funds in a timely manner.

The Mediation Agency has formed a review team of four members to receive and review application documents. As of the 9th, out of 114 applications received, certificates were immediately issued for five cases that required no additional document supplementation.

At a subsequent meeting, Chairman Cho requested that the Korea Franchise Industry Association continue to serve as a bridge between the government and member companies so that more franchisors can participate in the Good Franchise movement and receive policy fund support benefits.

Lee Soon-mi, Head of the Franchise Transaction Division at the Fair Trade Commission’s Distribution Policy Office, stated, "The Fair Trade Commission and the Mediation Agency will make further efforts to ensure that certificate issuance can be carried out as quickly as possible to overcome the crisis caused by COVID-19."

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