Small Enterprise and Market Service, Korea Labor Force Development Institute for the Aged Join Hands to Prevent Financial Harm to Small Businesses
Leveraging Retired Financial Professionals
Establishing a Cooperation Framework for the Small Business Policy Finance Safe Companion Team
The Small Enterprise and Market Service said it will sign a business agreement with the Korea Labor Force Development Institute for the Aged on November 11 to operate the “Small Business Policy Finance Safe Companion Team” and establish a framework for cooperation.
The agreement is being pursued to support small businesses in accessing policy financing by drawing on older workers with specialized expertise, such as retirees from the financial sector, and to prevent financial harm caused by the improper intervention of illegal brokers during the application and support process for policy funds. It is also expected to help expand jobs that encourage social participation and are suitable for older adults.
Under the agreement, the two organizations plan to work together to ensure the stable operation and expansion of the Small Business Policy Finance Safe Companion Team; provide job training and promote information on policy fund programs and reporting illegal activities; and identify jobs suited to older adults for professionals, including retirees from the financial sector.
The team’s main activity is its “Policy Fund Visit-and-Assist Service,” which involves visiting small business locations to explain policy fund programs and application procedures, as well as debt adjustment programs and official consultation channels. It will also monitor improper broker practices during the application and support process for policy funds, including arranging loans improperly, providing false or exaggerated information, and demanding illegal fees, and report suspected cases to the Small Enterprise and Market Service. Through these efforts, it plans to prevent unnecessary costs and financial harm for small businesses.
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In Tae-yeon, chairman of the Small Enterprise and Market Service, said, “We will actively work to improve access to policy financing by drawing on personnel with experience and expertise in the financial sector, and to prevent harm caused by the improper intervention of illegal brokers.”
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