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Yoon Pledges Support for Small Business Owners with Debt Burden

Yoon Pledges Support for Small Business Owners with Debt Burden

SEOUL, Feb. 8 (Korea Bizwire) — President Yoon Suk Yeol pledged on Thursday to implement various policy support measures aimed at assisting small business owners and vulnerable groups struggling with loan repayments due to the impact of the COVID-19 pandemic. Yoon made the remarks during a government-public debate, the 10th in a series of sessions [...]

Gov’t to Release Information About Small Businesses

Gov’t to Release Information About Small Businesses

SEOUL, Dec. 9 (Korea Bizwire) — Amid growing market demand for the release of data about owner-operated businesses, the Financial Services Commission (FSC) decided to make public such data held by public financial institutions starting from Friday. Five public financial institutions, including the Industrial Bank of Korea and the Korea Development Bank, under the umbrella [...]

Growing Number of Small Businesses Borrowing to Stay Afloat

Growing Number of Small Businesses Borrowing to Stay Afloat

SEOUL, Sept. 26 (Korea Bizwire) – Small owner-operated businesses are facing a crisis after relying on loans to survive the pandemic. South Korean credit service provider NICE Information Service reported that loans for sole proprietorships exceeded 688 trillion won (US$480 billion) as of late June this year, which was 8 percent more than late last [...]

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 [...]