The Financial Services Commission announced on the 17th that it will consider a 'three-pronged interest reduction package' to alleviate the interest burden on small business owners.
On the same day, the Financial Services Commission held a meeting at the Digital Education Center of the Korea Federation of Micro Enterprise (KFME) in Mapo District, Seoul, to announce its financial support plan for small businesses. The meeting was attended by Secretary-General Kwon Dae-young of the Financial Services Commission, Chairman Song Chi-young of the Korea Federation of Micro Enterprise (KFME), and others. Chairman Song said to the Financial Services Commission, 'The government's debt adjustment policy will be of great help to small business owners,' while also noting, 'It is necessary to prioritize financial support for those who repay diligently.'
In response, the Financial Services Commission presented five financial policy tasks for small businesses. First, it will seek funding supply plans that set lower interest rates and guarantee fees for small business owners. Additionally, to lower the current interest burden, it will implement a three-pronged interest reduction package that includes allowing personal business owners to refinance loans, strengthening the right to request interest reductions, and easing prepayment penalties. The Financial Services Commission also plans to enhance the data service for personal businesses and the level of commercial area analysis services. Furthermore, it promised to collaborate with relevant agencies to provide a comprehensive overview of the government's various support programs for small businesses.
The Financial Services Commission stated it will actively listen to the difficulties of small business owners by holding regional meetings with the Korea Federation of Micro Enterprise (KFME) in August.