self-employed Archives | Be Korea-savvy
Nationwide Efforts Underway to Help Self-employed and Small Businesses Hardest-hit by COVID-19

Nationwide Efforts Underway to Help Self-employed and Small Businesses Hardest-hit by COVID-19

SEOUL, Sept. 11 (Korea Bizwire) — With South Korea’s self-employed and small businesses going through extremely tough times due to the resurgence of COVID-19, nationwide efforts are underway to help them overcome the hardships. A 39-year-old woman surnamed Kim who runs a small donut shop in Seoul has suffered from sluggish sales since the recent [...]

Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

SEOUL, Jan. 5 (Korea Bizwire) — Debt incurred by households and self-employed businesses in South Korea is estimated to surpass 2,000 trillion won (US$1,713 billion) as of September last year, according to central bank data on Sunday. Outstanding household loans came to 1,481 trillion won at the end of last September, up 13.6 trillion won [...]

S. Korean Entrepreneurs Plan, Spend Little to Start New Businesses

S. Korean Entrepreneurs Plan, Spend Little to Start New Businesses

SEOUL, Nov. 6 (Korea Bizwire) — The majority of self-employed business owners started their business based on a small amount of initial capital, and with only a short period of preparation. According to Statistics Korea, 70 percent of self-employed business owners starting a business in the last 12 months had initial capital of less than [...]

Loans, Default Rate Both Increase for Self-employed in 2018

Loans, Default Rate Both Increase for Self-employed in 2018

SEOUL, Apr. 1 (Korea Bizwire) — Loans and the loan default rate both rose for the self-employed last year, the regulator’s data showed Monday. The loans extended to the self-employed totaled 389.8 trillion won (US$342.83 billion) at the end of the third quarter last year, up 13.9 percent from the same period of the previous [...]

Self-employed People Face Gloomy Outlook

Self-employed People Face Gloomy Outlook

SEOUL, Jan. 2 (Korea Bizwire) — Small business owners in South Korea may face a bumpy road again this year despite a series of government measures to support them, industry watchers said Wednesday. The year 2018 was one of the worst years for self-employed people in Asia’s fourth-largest economy as they were hit hard by [...]