Banks Provide 2,100 One-on-One Consulting Sessions for Small Business Owners... "Ongoing Support for Inclusive Finance"

Joint Small Business Consulting Project Performance Sharing Event Held by Banking Sector
Cho Yong-byoung, Chairman of the Korea Federation of Banks: "Supporting Small Business Owners' Self-Sufficiency"

The Korea Federation of Banks announced on the 18th that since December 2024, the banking sector has provided a total of 2,100 one-on-one consulting sessions to 800 small business owners regarding business launches and closures.

On this day, the Korea Federation of Banks held the "Joint Small Business Consulting Project Performance Sharing Event" in the International Conference Room on the 2nd floor of the Korea Federation of Banks building in Jung-gu, Seoul, where they shared the key achievements of the small business startup and closure consulting project jointly carried out by the banking sector.

About 100 people attended the event, including small business consulting representatives from the banking sector, consultants from implementing agencies, and small business owners.

This project was implemented as part of the expansion of small business consulting, following the customized support plans for small businesses announced by the banking sector in December 2024.

A representative from the Korea Federation of Banks explained, "Through this project, the banking sector focused on supporting small business owners in preparing for startups, achieving business stability, and navigating closure and recovery processes, in order to help them build a foundation for independent growth and recovery."

The startup consulting program was operated in a way that allowed prospective entrepreneurs and small business owners in the early stages to assess business feasibility before launching and to stabilize their management after launching. In the case of closure consulting, the focus was on helping small business owners who are considering closure due to business difficulties to minimize losses and establish a stable exit and foundation for restarting.

In a satisfaction survey of the 800 project participants, 682 respondents gave an average satisfaction score of 94.3 points (95.2 points for startup consulting, 93.7 points for closure consulting).

Participants in the startup consulting program gave high marks for being able to review factors such as business district, customer base, estimated costs, and marketing direction, which helped them make their business plans more realistic.

Many participants in the closure consulting program stated that they received help in reducing losses and preparing for the next stage by sequentially checking procedures that are difficult to handle alone, such as tax filing, lease contracts, and restoration costs.

The Korea Federation of Banks plans to provide follow-up support to ensure that small business owners who participated in the project can continue to receive necessary assistance through their main bank even after the consulting ends.

To share the best practices and on-site experiences discovered through this project, a collection of exemplary cases will be distributed and used as reference material for further enhancing small business consulting within the banking sector. Based on the operational experience and feedback from the field, the plan is to provide additional consulting for small businesses in the second half of the year.

Cho Yong-byoung, Chairman of the Korea Federation of Banks, stated, "Small business owners, who are invaluable customers for banks, are at the forefront of the real economy, directly facing economic fluctuations and cost burdens. To help them continue their businesses stably and take on new challenges, the banking sector must go beyond just providing funds and expand support to include startup preparation, business stabilization, and closure and recovery processes."

He added, "We will spread the experience and best practices of this joint project throughout the banking sector to further strengthen the resilience of small business owners and continue providing support that aligns with the purpose of revitalizing the real economy and promoting inclusive finance."

Jo Yong-byeong, former Chairman of Shinhan Financial Group, has been selected as the final candidate for the next Chairman of the Korea Federation of Banks. The photo was taken on the 16th at the Korea Federation of Banks building in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

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