Financial Supervisory Service: "Business Owners, Get Free Consulting Services"

Overview of Management Consulting System for Self-Employed and Small Business Owners

[Asia Economy Reporter Song Seung-seop] On the 13th, the Financial Supervisory Service introduced the institution-specific management consulting system. It explained that through programs provided by the Small Enterprise and Market Service, regional credit guarantee foundations, and the Korea Inclusive Finance Agency, consulting specialized in business growth and recovery support can be received.

Sixteen domestic banks offer free 'management consulting' services such as startup support, commercial area analysis, management advice, and financial counseling through dedicated departments or consulting centers at their headquarters. They operate various systematically organized 'short- and long-term group training programs' to strengthen startup and business capabilities. Support is available to anyone, including self-employed and small business owners, regardless of transaction status.

There is also public institution-linked consulting. Domestic banks collaborate with the Small Enterprise and Market Service, regional credit guarantee foundations, and others to support management diagnosis, store operation, and store environment improvement by connecting with professional consultants. When banks select candidates and apply to partner institutions, customized consulting can be received through the partner institution's consulting programs. Banks provide loan funds and preferential interest rate incentives for implementing consulting results, and partner institutions provide policy funds and guarantees if necessary. However, support mainly targets food and lodging businesses and excludes real estate rental businesses.

In the secondary financial sector, savings banks offer business consulting and business Up-Grade programs created together with the Korea Inclusive Finance Agency. The Korea Inclusive Finance Agency provides professional consulting, and the Korea Federation of Savings Banks pays up to 1 million KRW for purchasing goods and facility improvements to businesses that complete the consulting. Income and credit conditions are annual income of 35 million KRW or less (up to 45 million KRW for those in the bottom 20% credit score). Self-employed individuals who have received government support funds (Small Business Quarantine Support Fund or Loss Compensation Fund) due to COVID-19 damage can use this service.

Regional credit guarantee foundations are also developing various customized management consulting services. Seoul Credit Guarantee Foundation offers startup consulting and self-employed clinics; Incheon Credit Guarantee Foundation provides 1:1 customized and performance management consulting; Chungnam Credit Guarantee Foundation offers 1:1 customized management consulting. Some regional foundations (Seoul, Gyeongnam, Jeonbuk) also provide recovery consulting for local credit guarantee foundation debtors who have undergone bankruptcy, discharge, or personal rehabilitation.

At the Korea Credit Guarantee Foundation central level, the Ilsacheolli Recovery Program is representative. It is a free one-stop program supporting small business recovery from debt cancellation to education, consulting, and follow-up management. Additional 1:1 customized consulting is provided to those who complete the program education. The support targets small business owners economically isolated due to business failure, among others.

Additionally, there are free customized consulting services from the Korea Inclusive Finance Agency and the Success Dream Consulting from the Korea Credit Guarantee Fund.

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