KAMCO Holds Meetings on New Start Fund to Support Small Business Owners

President Jeong Jeong-hoon of Korea Asset Management Corporation (KAMCO).

Korea Asset Management Corporation (KAMCO) held a total of three relay meetings to listen to the voices of those in the field related to the New Start Fund, starting with a meeting with New Start Fund counselors on July 22.

The New Start Fund operated by KAMCO is a debt adjustment program aimed at assisting small business owners and self-employed individuals facing difficulties due to the COVID-19 pandemic.

These meetings were part of a series of theme-by-theme roundtable discussions following the Financial Services Commission’s roundtable discussion on small business owners’ financial difficulties on July 17.

It aimed to review difficulties facing small business owners and self-employed individuals who are in default or have undergone debt adjustment, or who are at risk of default.

First of all, on July 22, a meeting was held with counselors from the New Start Fund and the Credit Recovery Committee Call Center, consisting of approximately 10 counselors, will be held at Camco CS, located in Seo-gu, Daejeon, with the participation of representatives from the Financial Services Commission, KAMCO, and the Credit Recovery Committee.

Through discussions with call center counselors who understand the hardships and difficulties faced by those struggling with debt issues, the meeting identified the challenges of those seeking to utilize the New Start Fund and discussed improvements to address them.

In the meeting, they made suggestions for the New Start Fund.

On July 25, the Small Enterprise and Market Service’s Jeonbuk Regional Headquarters in Wansan-gu, Jeonju hosted a meeting for those seeking to restart their businesses after debt adjustments with approximately 10 small business owners and self-employed individuals who participated in educational programs for employment.

The meeting was attended by representatives from the Financial Services Commission, the Ministry of SMEs and Startups, CAMCO, the New Start Fund Committee, the New Start Fund, and the Small Enterprise and Market Service.

During the roundtable discussion, feedback on education programs and suggestions for employment and “re-entrepreneurship” support programs were made by small business owners and self-employed individuals preparing to relaunch their businesses after debt adjustment through the New Start Fund.

The roundtable was open to all small business owners and self-employed individuals who were in default on financial institution loans or at risk of default, as well as those who experienced debt adjustments through New Start Fund or similar programs.

Partnership with KBIZ

KAMCO, managing the New Start Fund, announced on August 1 that it has partnered with the Korea Federation of Small and Medium Business (KBIZ) to sign the Yellow Umbrella-New Start Fund Agreement for support for small business owners and self-employed individuals.

This agreement includes provisions to support the livelihood stability and quick business recoveries of small business owners and self-employed individuals facing economic difficulties.

The two institutions have agreed to actively cooperate in promoting support programs, linking their PR activities and identifying new collaborative projects.

Under the agreement, the two institutions will implement the New Start Fund-Yellow Umbrella Fund Support Program, which provides support funds.

This support program was launched to encourage small business owners and self-employed individuals to join Yellow Umbrella in preparation for tough times, thereby establishing a robust safety net in advance.

Eligible applicants may apply for the support grant until the budget is exhausted.

A poster to announce meetings on New Start Fund to support small business owners. (Photos: KAMCO)

Additionally, KAMCO and the KBIZ will actively promote the program by utilizing Yellow Umbrella membership notification messages and web magazine channels to ensure that busy small business owners will get to know about the program and utilize the fund.

“KAMCO hopes that this agreement will help small business owners and self-employed individuals struggling due to a domestic economic downturn to recover and normalize their businesses,” said Jeong Jeong-hoon, president of KAMCO.

“Going forward, the New Start Fund will band together with the KBIZ to support the livelihood stability and economic recoveries of small business owners and self-employed individuals.”