Small business owners have urged the new government to make efforts for recovery in people's livelihoods.
The Korea Small Business Federation expressed on the 4th through a statement, "We congratulate President Lee Jae-myung on his election and hope that with the launch of the new government, Korea can achieve a major transformation for national integration and the recovery of people's livelihoods."
Furthermore, the federation noted, "Vacancies in commercial buildings are spreading like wildfire, and small business owners are hit harder than during the IMF crisis and the COVID-19 pandemic, facing the direct impact of sluggish domestic demand and economic recession." They expressed hope that the new government will prioritize helping small businesses and reviving the economy in its national agenda.
The federation also stated, "We hope that measures for overcoming the crisis faced by small businesses, such as the urgent management stabilization fund proposed by the Small Business Federation and measures to activate the economy that President Lee Jae-myung referred to during his candidacy, will materialize as soon as possible." Earlier, the Small Business Federation had delivered 110 policy tasks, including 25 core priorities, as part of its '21st presidential election policy initiatives for small businesses' to the political sector.
Additionally, they expressed hope that promises related to debt restructuring and exemption of COVID-19 loans, reduction of interest burdens, expansion of the new start fund, and expansion of bad banks, which were pledged by President Lee Jae-myung, will also be included in the supplementary budget.
They also urged the government to expand support for small businesses through organizational restructuring. The federation stated, "We hope to prioritize small business policies by expanding dedicated organizations for small businesses, including the introduction of a dedicated vice minister for small businesses in the Ministry of SMEs and Startups, a small business secretary in the presidential office, and the establishment of a special committee for small businesses directly under the president."