<기사제목>SME Central Association and Banks Explore Measures to Expand Support for Small Businesses and Micro-Entrepreneurs</기사제목>

by Lee Seungjin

Published 18 Oct.2024 08:50(KST)

The Korea Federation of Small and Medium Business (Kbiz) announced on the 18th that it held the 'Noranwoosan Unity Workshop' in Jeju from the 17th to the 19th, a 2-night, 3-day event attended by over 160 bank executives and employees in charge of Noranwoosan.

This workshop was the first held since COVID-19 and served as an opportunity for Kbiz and the bank staff responsible for Noranwoosan to explore ways to improve the Noranwoosan system and strengthen promotional efforts to expand support for small businesses and small merchants. It was also a communication platform to share improvements to the Noranwoosan system and listen to difficulties experienced at bank branches.

<기사제목>SME Central Association and Banks Explore Measures to Expand Support for Small Businesses and Micro-Entrepreneurs</기사제목>

At the workshop, awards were presented to bank executives and employees who contributed to the growth of Noranwoosan through expanding membership and promoting the system, including 15 Minister of SMEs and Startups Awards and 9 Korea Federation of Small and Medium Business Chairman Awards.

During the harmony dinner, Kim Yong-ho (retail business owner), Lee Kwang-ho (Oriental medicine doctor), Shin Sang-eon (cafe owner), and Go Eun-bin (belly dance instructor), who were selected as the 2024 Noranwoosan promotional models, performed congratulatory stages.

Lee Chang-ho, Head of the Mutual Aid Operations Division at Kbiz, emphasized, “The contributions of financial institution employees who have enhanced trust and awareness of Noranwoosan through professional financial knowledge and friendly service at the customer’s closest point are very significant. I hope bank employees take pride in jointly building a social safety net for small businesses and small merchants and show even greater interest.”

Meanwhile, Noranwoosan is a mutual aid system operated by Kbiz to help small businesses and small merchants secure retirement funds (lump sums) to stabilize their livelihoods and provide opportunities for business recovery in case of business closure, old age, or other livelihood threats.

Since its launch in 2007, 2.9 million people have joined, and as of the end of September, 810,000 members who experienced mutual aid events have received 8.1 trillion KRW in mutual aid payments, fulfilling its role as a representative social safety net for small businesses and small merchants. Members can receive an income deduction of up to 5 million KRW annually and can join at bank branches nationwide or online.