The Korea Federation of Small and Medium Enterprises announced on the 31st that it has signed a business agreement to support small business owners and self-employed individuals with the New Start Fund and will implement the "New Start Fund-Yellow Umbrella Support Fund" support project.
This project was initiated to support faithful repayers of the New Start Fund in preparing for unexpected business crises such as closure, and to establish a stable living foundation.
Small business owners who join the Yellow Umbrella by December 15 this year and have made three or more regular repayments after signing the New Start Fund agreement will receive a support fund of 100,000 won. They must maintain the Yellow Umbrella contract as of the payment date.
The Korea Federation of Small and Medium Enterprises will begin accepting applications for the support fund on the Yellow Umbrella website starting next month on the 1st. Applicants must submit a "New Start Fund repayment statement" upon application. Inquiries regarding document issuance can be addressed through the New Start Fund customer center.
Kim Gi-moon, chairman of the Korea Federation of Small and Medium Enterprises, said, "The support fund is significant in that it goes beyond simple assistance, allowing small business owners to prepare for an uncertain future through the Yellow Umbrella even after debt adjustment," and noted, "I hope this agreement serves as an opportunity to broaden the foundation for small business owners' revival."
The Yellow Umbrella Mutual Aid, operated by the Korea Federation of Small and Medium Enterprises, has had 1.82 million enrolled small business and self-employed participants since its launch in 2007. It serves as a social safety net for small businesses and self-employed individuals by providing annual income deduction benefits of up to 6 million won, prohibiting the seizure of mutual aid payments, and assisting in saving lump sums.