News ID: 231337
Published: 0703 GMT September 14, 2018

South Korean gov't to boost support for self-employed businesses

South Korean gov't to boost support for self-employed businesses
Published by simplybusiness.co.uk

The South Korean financial watchdog said it plans to strengthen consulting programs for self-employed businesses and offer necessary funding to help them as they struggle with economic hardships.

Under the envisioned plan, local banks will choose self-employed businesses deemed to require expert advice, and then relevant organizations will offer the consulting services, according to the Financial Supervisory Service (FSS), yonhapnews.co.kr reported.

In case any financial help is needed to put the advice into practice, banks or related state entities will provide policy funds or loans at lower rates, the FSS said. It added that this system linking counseling services with financial aid will be established this year.

"Self-employed people have been in difficult circumstances due to stagnant sales and rising costs," FSS Gov. Yoon Suk-heun said, vowing to come up with diverse measures to support them.

 

   
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