{"id":2205665,"date":"2024-07-04T08:00:07","date_gmt":"2024-07-03T23:00:07","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205665"},"modified":"2024-07-03T16:30:40","modified_gmt":"2024-07-03T07:30:40","slug":"south-korea-announces-comprehensive-aid-plan-for-small-businesses","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/07\/south-korea-announces-comprehensive-aid-plan-for-small-businesses\/","title":{"rendered":"South Korea announces comprehensive aid plan for small businesses"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea unveiled a <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000069591&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">comprehensive support package<\/span><\/a><span style=\"font-weight: 400;\"> for small businesses, including extended loan repayment periods, increased financial aid and expanded electricity subsidies. The government will raise the <\/span><a href=\"https:\/\/xn--jj0bzcx22cxqefnt.kr\/\"><span style=\"font-weight: 400;\">New Start Fund<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 a financial support program introduced by the South Korean government to assist small business owners and self-employed individuals who are facing financial difficulties \u2014 to over $28.7 billion (40 trillion won) and offer policy funds up to about $500,000 (700 million won) for small enterprises looking to scale up.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The measures, announced by the Ministry of Economy and Finance, aim to address challenges small business owners face due to <\/span><a href=\"https:\/\/www.bok.or.kr\/portal\/bbs\/P0000559\/view.do?nttId=10084264&amp;searchCnd=1&amp;searchKwd=&amp;depth2=200038&amp;depth3=201263&amp;date=&amp;sdate=&amp;edate=&amp;sort=1&amp;pageUnit=10&amp;depth=201263&amp;pageIndex=6&amp;programType=newsData&amp;menuNo=200690&amp;oldMenuNo=201263\"><span style=\"font-weight: 400;\">prolonged high interest rates<\/span><\/a><span style=\"font-weight: 400;\"> and delayed economic recovery. The measures include a \u201cFinancial Support 3-piece set\u201d package, including a scale conversion guarantee allowing small business owners using loans guaranteed by regional credit guarantee foundations to extend their repayment periods up to five years.\u00a0<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Although the South Korean government has touted this package as tailored for struggling businesses, it is much more costly than the main opposition Democratic Party\u2019s (DP) <\/span><a href=\"https:\/\/koreapro.org\/2024\/04\/why-universal-cash-handouts-would-have-unintended-consequences-for-south-korea\/\"><span style=\"font-weight: 400;\">proposal<\/span><\/a><span style=\"font-weight: 400;\"> to provide approximately $180 (250,000 won) to every citizen, which DP leader Lee Jae-myung estimated will cost about $9.5 billion (13 trillion won). Additionally, the government\u2019s approach may fail to provide immediate relief to struggling households, potentially risking voter backlash.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the government\u2019s approach will likely have lower inflationary pressures than the DP\u2019s cash handout proposal. The focused nature of the support package \u2014 much of which goes toward debt restructuring that will not immediately translate to increased consumer spending \u2014 will likely be spread out over time rather than injected all at once into the national economy.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea unveiled a comprehensive support package for small businesses, including extended loan repayment periods, increased financial aid and expanded electricity subsidies. The government will raise the New Start Fund \u2014 a financial support program introduced by the South Korean government to assist small business owners and self-employed individuals who are facing financial difficulties \u2014 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2205666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2205665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea announces comprehensive aid plan for small businesses - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/07\/south-korea-announces-comprehensive-aid-plan-for-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea announces comprehensive aid plan for small businesses - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea unveiled a comprehensive support package for small businesses, including extended loan repayment periods, increased financial aid and expanded electricity subsidies. 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