Korea Federation of SMEs Holds Operation Committee Meeting for Small Business and Self-Employed Mutual Aid

[Asia Economy Reporter Moon Hyewon] On the 8th, the Korea Federation of Small and Medium Business (Kbiz) held the '2020 3rd Small Enterprise and Small Merchant Mutual Aid Operation Committee' at the Kbiz headquarters in Yeouido, Yeongdeungpo-gu, Seoul, and announced that it approved the operation plan (draft) for small enterprises and small merchants mutual aid for the next year.

The Small Enterprise and Small Merchant Mutual Aid Operation Committee is composed of a total of 11 members, including the chairman of the federation (chairman) and experts from government, finance, small business, insurance, and legal fields, according to the Enforcement Decree of the Small and Medium Enterprise Cooperative Act. It performs the function of reviewing and deciding matters related to the operation and management of mutual aid.

On this day, the operation committee also approved the amendment (draft) of the asset management regulations and the establishment (draft) of asset management guidelines to enhance the transparency, objectivity, and reliability of asset management.

Seongwon Seo, the full-time vice chairman of Kbiz, said, "For small enterprises and small merchants struggling due to COVID-19, we lowered the interest rate of the Yellow Umbrella loan by 0.5 percentage points (from 3.4% to 2.9%) in February, and are currently implementing interest-free medical and disaster loans to help overcome the crisis." He added, "Next year, to achieve qualitative growth of the Yellow Umbrella, we will do our best to fulfill its role as a social safety net for small enterprises and small merchants through active institutional improvements, expansion of customer welfare services, and sound asset management."

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