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Forest Service Teams Up with Towns, Social Enterprises

Forest Service Teams Up with Towns, Social Enterprises

DAEJEON, Jun. 8 (Korea Bizwire) – The Korea Forest Service (KFS) will be pushing ahead with plans to foster local towns and social enterprises that take advantage of forest products. The KFS revealed today that it will support 18 community and social enterprises this year, expanding the figure to include 212 enterprises by 2022. According [...]

Ministry to Implement Payment System for Small Businesses

Ministry to Implement Payment System for Small Businesses

SEOUL, Jun. 7 (Korea Bizwire) — A new payment system will be implemented aimed at addressing one of the top difficulties small businesses face, payment processing charges. Hong Jong-hak, the minister of SMEs and Startups, stated at a gathering relating to the issue today that an innovative payment system is needed to relieve small businesses [...]

Gov’t to Set Up 1 tln Won Fund for Restructuring of SMEs

Gov’t to Set Up 1 tln Won Fund for Restructuring of SMEs

SEOUL, Dec. 18 (Korea Bizwire) — The government will set up a 1 trillion-won (US$918 million) fund to restructure struggling small and medium-sized enterprises (SMEs) as part of its drive for “market-oriented” corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by [...]

S. Korea, Missouri Sign MOU on SMEs Promotion

S. Korea, Missouri Sign MOU on SMEs Promotion

SEOUL, Sept. 29 (Korea Bizwire) — The South Korean government said Friday it has signed a memorandum of understanding (MOU) with the state of Missouri to enhance cooperation between small and medium-sized enterprises (SMEs). The pact was signed in Seoul between Choi Su-gyu, vice minister of SMEs and Startups, and Missouri Gov. Eric Robert Greitens, [...]

Crowdfunding in S. Korea Soars 29 pct This Year

Crowdfunding in S. Korea Soars 29 pct This Year

SEOUL, Aug. 25 (Korea Bizwire) — The amount of crowdfunding in South Korea shot up nearly 29 percent this year, data showed Friday, showing the platform growing as an effective financing option for startups. According to the data by the Korea Securities Depository, 106 companies raised a combined 14.2 billion won (US$12.6 million) from 5,826 [...]

Lobby for Smaller Businesses Opposes Minimum Wage Hike

Lobby for Smaller Businesses Opposes Minimum Wage Hike

SEOUL, Jul. 28 (Korea Bizwire) — A business lobby representing small-sized businesses on Friday filed a complaint against the government’s decision on next year’s minimum wage hike. Earlier this month, a tripartite commission of the government, labor and management reached an agreement to increase the minimum hourly wage to 7,530 won (US$6.68) in 2018, up [...]