Minister Oh Young-joo Meets Small Business Owners Overcoming Management Crisis... Listens to Difficulties and Suggestions

Oh Young-joo, Minister of the Ministry of SMEs and Startups, met with small business owners who successfully overcame management crises on the 9th.

Minister Oh Young-joo of the Ministry of SMEs and Startups visited Yongsan Yongmun Market in Yongsan-gu, Seoul, on the morning of the 3rd. After conversing with small business owners and traditional market representatives, including the Small Business Federation, the National Merchants Federation, and the Supermarket Cooperative Federation, she toured the market and shook hands with a merchant.
[Photo by Yonhap News]

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On the day, Minister Oh visited the small business ‘Hisdog’ located in Yongsan-gu, Seoul, to listen to their difficulties and suggestions.

Hisdog is a company engaged in the manufacturing and wholesale/retail of pet products. They participated in the Hope Return Package (management improvement) project, developed pet-exclusive products, and filed trademarks. They have also participated in various exhibitions and received diverse marketing support, resulting in significant sales growth and a trend of expansion. The Hope Return Package is a Ministry of SMEs and Startups project that provides package support for management improvement, closure assistance, reemployment, and re-startup for small business owners facing difficulties or who have closed their businesses.

Minister Oh met with the representative of Hisdog, listened to the introduction of products and the process of overcoming the crisis through support projects, and exchanged opinions on policy suggestions. Following this, Minister Oh emphasized the government’s policy commitment to small business owners in management crises, including the establishment of a robust safety net for small business owners and the exemption of repayment for the first and second rounds of advance disaster relief funds.

The Ministry of SMEs and Startups plans to strengthen the safety net by improving the Yellow Umbrella Mutual Aid system this year, expanding the coverage of mutual aid, introducing an interim settlement system, and expanding employment insurance premium support up to 80% to promote small business owners’ enrollment in employment insurance.

Minister Oh said, “The difficulties of small business owners are increasing due to the ongoing high interest rates and economic downturn following COVID-19,” and added, “We will continue to listen closely to voices from the field and find solutions to stabilize the management of small business owners.”

Meanwhile, the bill exempting the repayment of the first and second rounds of advance disaster relief funds passed the National Assembly last year and takes effect from today. The Ministry of SMEs and Startups has completed administrative procedures to confirm the exemption of repayment.

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