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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 [...]

Small Businesses Introduce Work-Life Balance Policies for Employees

Small Businesses Introduce Work-Life Balance Policies for Employees

SEOUL, Jun. 3 (Korea Bizwire) — The culture of so-called ‘work and life balance’ is spreading throughout small and medium sized firms in South Korea through various policies including a four-day workweek and special leaves of absence offered between national holidays. Small and medium-sized companies are beginning to offer various welfare incentives, pointed a major [...]

Mom-and-pop Stores to Reject Any Hike in Minimum Wage

Mom-and-pop Stores to Reject Any Hike in Minimum Wage

SEOUL, Jul. 13 (Korea Bizwire) — Owners of mom-and-pop stores on Friday called on the government to freeze the minimum wage in 2019, claiming rising labor costs will seriously impact their profitability. If the government moves to raise the minimum hourly wage from the current 7,530 won, the Korea Federation of Micro Enterprise (KFME) won’t [...]

Gov’t Designation of SMB-only Business Areas Impacts Negatively on SMB Growth

Gov’t Designation of SMB-only Business Areas Impacts Negatively on SMB Growth

SEOUL, July 20 (Korea Bizwire) – A study said the government’s regulation to designate industrial areas exclusively reserved for small- and mid-sized enterprises has not helped the companies since its introduction in 2011. According to a report authored by Professors Bin Ki-beom and Woo Seok-jin of Myongji University at the request of the Federation of Korean [...]