"Welcoming the New Start Fund... Financial Support Measures Also Needed"

[Asia Economy Reporter Kwak Min-jae] The small and medium-sized enterprise (SME) sector has expressed a welcoming stance toward the New Start Fund (a tailored debt adjustment program for small business owners) set to be implemented from October.

The Korea Federation of SMEs issued a statement on the 28th, saying, "We hope this measure will serve as a stepping stone for small business owners pushed to the brink to recover."

However, the Federation added, "As the 'loan maturity extension and interest payment deferral' measures, which have been in place since April 2020 to help SMEs and small business owners overcome liquidity crises, are set to end at the end of September, more precise measures are needed to prevent any blind spots in policy support."

They continued, "Given the complex economic crisis caused by high interest rates, high exchange rates, and high oil prices, financial support measures should be promptly prepared not only for small business owners and self-employed individuals but also for SMEs, which play a significant role in employment and value-added creation."

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