The new start fund, a debt adjustment program exclusively for small business owners and self-employed individuals, will expand its applicants starting on the 27th.
The Financial Services Commission noted that as of this day, the support targets for the new start fund have been expanded to include "small business owners and self-employed individuals operating between April 2020 and November 2024." Previously, only small business owners and self-employed individuals operating between April 2020 and June of last year could apply for the new start fund.
The government will also strengthen links with startup and employment programs. To facilitate the rapid recovery of closed small business owners and self-employed individuals, related public information on debt adjustment will be released immediately if they complete employment and startup programs from the Ministry of Employment and Labor and the Ministry of Small and Medium Enterprises and Startups and successfully obtain employment or start a business.
Kim So-young, deputy chairperson of the Financial Services Commission, visited the Seoul Gwangjin Integrated Support Center for Financial Inclusion and held a meeting with partner institutions of the new start fund and counselors. The partner institutions and counselors expressed the need for system improvements to address increased workload due to the rise in applications and to prevent moral hazard.
Deputy Chairperson Kim said, "As a result of continuous system improvements since the launch of the new start fund in October 2022, by the end of February, 114,000 individuals (with a debt of 18.4 trillion won) have applied, gradually establishing its position," and added, "We will do our best to ensure the new start fund becomes a greater hope for small business owners and self-employed individuals."