Economic Lifeline: Prioritizing Small Business Survival

democratic Party presidential candidate Lee Jae-myung has recently outlined a robust policy initiative designed to alleviate the financial strain on small business owners and the self-employed. Recognizing their critical role as the backbone of the nation’s economy, Lee’s plan focuses on reducing financial burdens and fostering a more supportive business environment.

We will create an environment where we can reduce the burden on small businesses and self -employed people who are tired of the high price and long -term domestic demand.

Addressing the Debt Crisis: Corona Loan Relief and Long-Term Solutions

A central component of Lee’s strategy involves tackling the escalating debt crisis faced by small businesses, exacerbated by the COVID-19 pandemic. With self-employed debt soaring to ₩380 trillion (approximately $285 billion USD), and a significant number of borrowers classified as vulnerable, immediate action is deemed necessary. Lee proposes a comprehensive corona loan measure, arguing that the financial responsibilities shouldered by small businesses during the pandemic where unfairly distributed.

The plan includes:

• Introduction of low-interest policy funds.
• Implementation of secondary preservation measures.
• Establishment of a long-term repayment program tailored for small business owners.

Stimulating Local Economies: Expanding Currency Programs and Regional Renaissance

To boost domestic demand and increase sales for local businesses,lee advocates for the expansion of local currency and Onnuri gift certificate programs. These initiatives aim to inject capital directly into local economies, fostering growth from the ground up. The “Renaissance 2.0” project, focusing on regional depiction and support for small alleys, is also slated to play a key role in revitalizing local economies.

easing Operational Costs: Rent Control, Labor Costs, and Technology Fees

Recognizing the challenges posed by rising operational costs, Lee’s policy includes measures to alleviate burdens related to rent, labor, and energy. Plans are in place to prevent rent increases through clear disclosure of management fees. Furthermore, the policy aims to reduce the financial strain associated with unmanned order devices, gift certificate processing, and simple payment fees for technologies like kiosks and table ordering systems.

Safety Nets and Fair Trade: Protecting Small Businesses in the Digital Age

Lee’s vision extends to creating a fairer and more secure online marketplace for small businesses. The candidate pledges to improve existing systems and strengthen safety nets to combat small business crimes, fostering a win-win environment for all stakeholders. This includes measures to address unfair trade practices and ensure a level playing field in the digital economy.

support for Businesses on the Brink: Preventing Closure and Facilitating Re-entry

Addressing the critical issue of business closures, Lee proposes a multi-faceted approach to prevent a cycle of debt accumulation. This includes expanding support funds, providing re-challenge finance options, and establishing an integrated system that supports businesses through debt adjustment, closure, and re-employment assistance. The goal is to provide a pathway for struggling businesses to either recover or transition smoothly into new opportunities.