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Single-person Businesses Struggle from Income Loss in Pandemic Era

Single-person Businesses Struggle from Income Loss in Pandemic Era

SEOUL, Jan. 6 (Korea Bizwire) — Last year, owner-operated businesses without any employees struggled in the third quarter, more so than in the first year of the pandemic era. Among all households across the country with more than one member, those with owner-operated businesses without any employees earned an average of 2,701,958 won (US$2,252) each [...]

Small Biz Owners Across Nation Despair over Restoring of Strong Virus Curbs

Small Biz Owners Across Nation Despair over Restoring of Strong Virus Curbs

SEOUL, Dec. 16 (Korea Bizwire) — Owners of restaurants, cafes and other small businesses across the country vented outrage on Thursday after the government announced it will restore tough social distancing measures following a spike in coronavirus cases and deaths. Earlier in the day, the government said it will reduce the maximum private gathering size [...]

Restaurants, Internet Cafes Demand Longer Opening Hours, Compensation

Restaurants, Internet Cafes Demand Longer Opening Hours, Compensation

SEOUL, Jan. 28 (Korea Bizwire) — Owners of restaurants, internet cafes and other small businesses called on the government Thursday to extend their opening hours and compensate their losses amid ongoing restrictions caused by the coronavirus pandemic. At a press conference outside the presidential office Cheong Wa Dae, leaders of small business groups said the [...]

S. Korea to Provide 9.3 tln-won Relief Package to Virus-hit Small Businesses

S. Korea to Provide 9.3 tln-won Relief Package to Virus-hit Small Businesses

SEOUL, Dec. 29 (Korea Bizwire) — South Korea on Tuesday unveiled a 9.3 trillion-won (US$8.49 billion) relief package aimed at helping small businesses hit hard by virus restrictions and self-employed workers reeling from the economic fallout of the new coronavirus pandemic. The third emergency relief handout is anticipated to lend a hand to 5.8 million [...]

Slammed by Pandemic, Small Business Owners Live Off Debt — Until They Can’t

Slammed by Pandemic, Small Business Owners Live Off Debt — Until They Can’t

SEOUL, Oct. 22 (Korea Bizwire) — The coronavirus pandemic has ravaged small businesses around the country. But nowhere in the country is the devastation more visible than in Myeongdong, the popular shopping district among foreign travelers in central Seoul. The usually bustling streets, lined with cosmetics and souvenir shops, food stands and restaurants offering menus [...]

Seoul City Offers Zero-interest Loans to Businesses Impacted by COVID-19

Seoul City Offers Zero-interest Loans to Businesses Impacted by COVID-19

SEOUL, Sept. 30 (Korea Bizwire) — The Seoul city government is offering zero-interest loans to small businesses impacted by the coronavirus pandemic. Under the program launched Monday, a total of 300 billion won (US$255 million) will be offered at a 0.03-0.53 percent interest rate to businesses that were forced to close or restrict services under [...]

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 [...]

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

SEOUL, March 11 (Korea Bizwire) — The majority of small businesses feel that the “rent reduction campaign” initiated to help merchants struggling due to the coronavirus outbreak has had no practical effect, a recent survey revealed. A survey of 1,080 small business owners nationwide conducted by the Korea Federation of Micro Enterprise showed that 90.3 [...]