The Korea Federation of Small and Medium Enterprises said on the 7th that it signed a business agreement with eSang Networks, a B2B e-commerce corporations, to expand financial support services for small and micro businesses.
Through this agreement, KBIZ will actively promote major mutual aid programs, including the Mutual Aid Fund for Small and Medium Enterprises, to corporations using eSang Networks' B2B e-commerce platform. It plans to expand enrollment in the mutual aid programs and support the easing of funding difficulties and management stability for small and micro businesses.
The Mutual Aid Fund for Small and Medium Enterprises is the country's only loan mutual aid program dedicated to small and medium-sized corporations, introduced in 1984. Over the past 41 years, it has supported loans totaling 14 trillion won to about 390,000 small and medium-sized corporations.
The two sides will also cooperate to expand financial support projects. In view of increased management burdens on small and medium-sized corporations due to Middle East-driven geopolitical risks and surges in oil prices and exchange rates, they plan to enhance access to financial support by linking eSang Networks' B2B platform with a collaborative network of financial institutions.
Lee Chang-ho, head of the mutual aid business division at KBIZ, said, "We will actively cooperate with eSang Networks, one of the largest e-commerce platform operators in the country, to improve small and micro businesses' access to mutual aid programs and broaden the base of financial support."