Korea Federation of SMEs Launches Yellow Umbrella On-Site Consultation Service
Launched to Support Small Business Owners Who Have Difficulty Visiting Financial Institutions
The Korea Federation of SMEs is launching the "Yellow Umbrella On-Site Consultation Service" for small businesses and self-employed individuals who have difficulty visiting banks.
The Yellow Umbrella is a mutual aid system operated by the Korea Federation of SMEs since 2007 to support the livelihood and business recovery of small businesses and self-employed individuals facing management crises, such as closure or old age.
Enrollment is available at commercial banks, regional banks, and financial cooperatives such as Saemaeul Geumgo. It is also possible to sign up directly online through the official website. As of April, the number of enrolled small business owners and self-employed individuals surpassed 1.88 million.
The Korea Federation of SMEs introduced the on-site consultation service to help small business owners who want to join the Yellow Umbrella but have no opportunity for face-to-face consultation due to difficulties visiting financial institutions.
By applying on the Yellow Umbrella website, a professional consultant will visit the customer at their preferred time and location. To apply, simply access the Yellow Umbrella website, select "On-Site Consultation Application," and enter your information along with the desired date and time for the visit.
The Korea Federation of SMEs announced that, during the two-month pilot operation in March and April, 953 people applied for the service, and among them, 320 individuals (34%) joined the Yellow Umbrella.
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Lee Changho, Head of the Mutual Aid Business Division at the Korea Federation of SMEs, stated, "Through the on-site consultation service, we aim to close the gaps in the social safety net to ensure that small business owners with limited access to information and little spare time do not miss out on the benefits of the Yellow Umbrella."
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