"Number of Disabled-Owned Businesses Increased in 2023, but Sales and Operating Profit Decreased"

Ministry of SMEs and Startups Announces Results of the
"2023 Disabled-Owned Business Status Survey"

The number of disabled-owned businesses and their employees nationwide in 2023 increased compared to the previous year, but sales and operating profits decreased, according to a survey.

Ministry of SMEs and Startups. Yonhap News Agency

According to the "2023 Disabled-Owned Business Status Survey" announced by the Ministry of SMEs and Startups on the 30th, the number of disabled-owned businesses was counted at 174,344, a 5.9% increase from the previous year (164,660). During the same period, the total number of employees increased by 6.1% to 578,280. However, total sales and operating profits were 69.6601 trillion KRW and 6.5326 trillion KRW, respectively, showing decreases of 7.3% and 14.3% compared to the previous year.

This survey was conducted on a sample of 5,000 companies selected from 174,344 domestic disabled-owned businesses classified under 13 major industry categories according to the Korean Standard Industrial Classification as of December 31, 2023.

By industry, wholesale and retail trade accounted for the largest share with 51,696 businesses (29.7%), followed by manufacturing with 27,021 (15.5%) and accommodation and food services with 26,495 (15.2%).

Regarding the type of disability of the representatives, physical disabilities were the most common with 120,416 businesses (69.1%), followed by visual disabilities with 17,995 (10.3%) and hearing disabilities with 13,852 (7.9%). In terms of severity, severe disabilities (grades 1 to 3) accounted for 28,909 businesses (16.6%), while mild disabilities (grades 4 to 6) made up 144,837 businesses, representing 83.1% of the total.

Looking at the newly included survey item on debt status, among the total 174,344 companies, 81,475 (46.7%) had debt (small businesses 71,023; SMEs 10,452). The total debt amount was 31.9 trillion KRW, with an average debt amount of 180 million KRW (110 million KRW for small businesses and 1 billion KRW for SMEs).

In addition, regarding the support policies desired by disabled-owned businesses, financial support was the highest at 63.9%, followed by tax benefits at 54.8%, and market access at 37.7%.

Lee Dae-geon, Director of Small Business Policy at the Ministry of SMEs and Startups, said, "The Disabled-Owned Business Status Survey is a policy compass that reflects the reality of disabled-owned businesses. Based on the results of this survey, we will strengthen customized support policies tailored to the growth stages of disabled-owned businesses and promote effective policies to reinforce the foundation for their independence."

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