Minister Lee Young Inspects Loss Compensation Fund... "Prompt and Smooth Payment"

[Image source=Yonhap News]

[Asia Economy Reporter Kwak Minjae] Lee Young, Minister of the Ministry of SMEs and Startups, chaired the 'Loss Compensation Fund Preparation Check Meeting' at the Small Enterprise and Market Service on the 26th.

The Loss Compensation Fund for the 'Complete Recovery and New Leap of Small Business Owners,' the first national agenda of the new government, has been allocated 23 trillion won in the second supplementary budget proposal and is currently under review in the National Assembly.

Minister Lee emphasized thorough prior preparation throughout the entire process of planning and execution, including establishing support criteria, selecting recipients, and system operation, as the scale and payment targets of this Loss Compensation Fund are the largest ever.

In particular, since a surge in applications is expected at the initial payment stage, he focused on checking the system preparation status and urged to be fully prepared for any possible security incidents.

He also requested that the application period be guaranteed as much as possible so that no one is unable to apply due to being busy with their livelihood, and that each regional center and call center of the Small Enterprise and Market Service respond without any issues to provide consultation and application guidance for the Loss Compensation Fund not only online but also on-site.

Minister Lee of the Ministry of SMEs and Startups said, “Employees of the Ministry and the Small Enterprise and Market Service are working day and night to ensure the prompt and smooth payment of the Loss Compensation Fund,” and added, “Please do your best during the remaining period so that payments can be made as quickly as possible after the National Assembly’s approval.”

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