[2021 National Audit] Small Business Hope Recovery Fund Support, Severe Imbalance by Industry
Construction and Real Estate Industries Decrease by Over 90% Compared to Butimok Plus
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[Asia Economy Reporter Kim Heeyoon] It has been revealed that there is a serious imbalance in the sector-specific support of the Hope Recovery Fund, which supports small business owners facing management difficulties due to the impact of COVID-19.
On the 14th, according to data titled 'Sector-specific Support Status of Buttress Fund Plus (4th) and Hope Recovery Fund (5th)' received by Eom Taeyoung, a member of the People Power Party on the National Assembly's Industry, Trade, Energy, Small and Medium Business Committee, from the Ministry of SMEs and Startups, it was confirmed that the number of support cases through the Hope Recovery Fund significantly decreased in certain sectors.
By sector, many industries showed a sharp decline compared to the Buttress Fund Plus, including construction at 98.5%, real estate at 95.5%, information and communication at 92%, agriculture, forestry, and fisheries at 85.7%, manufacturing at 74%, professional, scientific and technical services at 68.4%, wholesale and retail at 55.1%, and transportation and warehousing at 54.1%.
In particular, the wholesale and retail sector, which received the most support from the Buttress Fund Plus, decreased from 749,221 establishments to 336,164 establishments, a reduction of about 410,000 establishments.
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Representative Eom said, "The excessive decrease in Hope Recovery Fund support in certain sectors is the result of the selection of crisis management sectors for the Hope Recovery Fund not properly reflecting the reality of small business owners," adding, "When preparing support measures for sectors excluded from the loss compensation system's blind spots in the future, the causes of the imbalance between sectors in the Hope Recovery Fund should also be discussed."
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