Key Anticipated Policy Support Measures:

Voucher Initiative to Ease Operating Costs for Small Businesses:

To lessen the burden on small business owners facing financial difficulties, approximately 3.11 million individuals nationwide, operating businesses with annual sales under 300 million KRW, are projected to receive a voucher valued at around 500,000 KRW per person. While this voucher is not intended for direct cash withdrawal, it can serve as a valuable resource for covering essential operational expenses such as payments for public utilities and social insurance contributions.

Broader Scope of Tailored Financial Support for Small Business Owners:

The criteria for existing financial support programs are likely to be adjusted to be more accommodating, potentially extending benefits to a larger number of small business owners. Opportunities for support may arise for those carrying debt across multiple financial institutions, and businesses experiencing a decline in sales may also find themselves eligible. Furthermore, the possibility of adjustments to debt repayment schedules may be offered even to those with past short-term delinquency records, and the upper limit for policy fund loans is also expected to see an increase from the current 5 trillion KRW to 8 trillion KRW. The repayment period for these policy fund loans could be extended up to a maximum of 5 years (which may include a grace period of up to 2 years), and small business owners demonstrating a consistent record of principal and interest repayment may be presented with avenues for additional financial aid (up to 70 million KRW, within a 5-year timeframe that includes a grace period of up to 2 years).

Policy Funds to Bolster the Growth Foundation of Small Businesses:

Support through policy funds is foreseen for small business owners who are facing a shortage of initial capital for their ventures, those currently navigating operational challenges, or those whose businesses have been adversely affected by unforeseen disasters. The maximum loanable amount is set at 70 million KRW per year, with a repayment tenure of up to 5 years (potentially including a 2-year grace period), and the interest rate may be determined by adding 0.6%p to the base rate for policy funds. Applications for these loans can be made either online via the official Small Business Policy Loan website or by visiting a regional center of the Small Business Corporation.

Currently Available Support Schemes (Potential for Application Period to Extend into July):

Support Project for Implementing Smart Logistics Systems in Small Businesses: Applications can be submitted through the Fanfandaero website (https://fanfandaero.kr/) starting from March 21, 2025, and will continue until the allocated government budget is fully utilized.

Support Project for Expanding Online Sales Channels and Enhancing Promotion for Small Businesses: The Fanfandaero website (https://fanfandaero.kr/) is currently accepting applications for this project from March 11, 2025, up to June 10, 2025.

Important Note: The details outlined above represent a compilation of anticipated support measures based on currently available information from various sources, and the precise nature of the policies to be implemented in July 2025 may be subject to alterations following the official government announcements. Consequently, for the most accurate and current information, it is strongly advised to consult the official website of the Small Business Corporation (http://www.semas.or.kr/) or the official releases from the relevant government ministries.

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