Small Business Owners in Unison: "Financial Burden at Its Peak This Year... Measures Must Be Taken"

Small Business Association to Hold New Year's Meeting on the 30th

Small business owners unanimously stated that their financial burdens have reached a peak this year. This is the result of a combination of declining sales due to the economic downturn, soaring interest rates, and the start of principal and interest repayments. Small business owners called for the establishment of related policies.

The Korea Federation of Micro Enterprise held a 10th anniversary New Year's greeting event on the 30th at the CCMM Building in Yeouido, where they announced mid- to long-term development plans for small business owners. Attendees included Oh Young-joo, Minister of SMEs and Startups; Yoon Jae-ok, Floor Leader of the People Power Party; Hong Ik-pyo, Floor Leader of the Democratic Party; Bae Jin-kyo, Floor Leader of the Justice Party; Chae Seon-ju, Head of External and ESG (Environment, Social, Governance) Policy at Naver; Jeong Shin-ah, appointed CEO of Kakao; and Ham Yoon-sik, Vice President of Woowa Brothers. This was the second consecutive year that representatives of the three major online platforms participated in the Korea Federation of Micro Enterprise’s New Year's greeting event.

O Sehee, President of the Korea Federation of Micro Enterprise, delivers a New Year's address at the Federation meeting held on the morning of the 30th at the CCMM Building in Yeouido, Yeongdeungpo-gu, Seoul. [Photo by Korea Federation of Micro Enterprise]

On this day, Oh Se-hee, President of the Korea Federation of Micro Enterprise, said, "2024 is a meaningful year marking the 10th anniversary of the Federation, and we will make it a year to strengthen the self-sustainability and competitiveness of small business owners," adding, "We will strive to reduce the financial burden on vulnerable small business owners." In particular, to lower the financial burden on small business owners, he emphasized that "it is necessary to secure an additional grace period and convert repayment schedules to long-term plans to reduce monthly principal and interest payments while sales recover." He also stated, "Comprehensive measures such as debt relief should be prepared for vulnerable borrowers who are unable to repay loans." Besides reducing financial costs this year, the Federation plans to promote the enactment of a special law for small business workforce support, secure online distribution channels and digital transformation, and establish a policy data center.

In response to these voices from small business owners, the Ministry of SMEs and Startups announced that it will listen to field opinions through the ‘Small Business Owners’ Practical Policy Council,’ launched on the 16th in cooperation with the Korea Federation of Micro Enterprise, and plans to frequently visit the field to develop policies. Minister Oh Young-joo said, "This year, we will swiftly implement measures such as converting to low-interest funds and supporting electricity bills," adding, "We will create and announce a ‘Comprehensive Plan for Small Business Owners and Self-Employed’ within the first half of the year to help small business owners become key players in the Korean economy."

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