New enrollments in Noranwoosan, a mutual aid program for small business owners and self-employed individuals operated by the Korea Federation of Small and Medium Business (KBIZ), surged significantly in January compared to the same period last year. The increase appears largely driven by growing demand for safety nets among small business owners amid economic slowdown and weakening consumer sentiment.
KBIZ announced Tuesday that new Noranwoosan enrollments reached 25,062 in January, up 40.6% from January last year. Total registered members have now exceeded 1.86 million. By enrollment channel, financial institutions accounted for 12,394 cases, online registrations for 6,801, mutual aid consultants for 5,393, and other channels for 474. Online enrollments notably surged 68.1% during the same period.
The Noranwoosan "Hope Incentive" program is also drawing attention. The program provides monthly subsidies of 10,000 to 30,000 won for up to 12 months to new enrollees, funded by local governments to encourage Noranwoosan enrollment among small business owners in their jurisdictions. According to KBIZ, total Hope Incentive funding from metropolitan and local governments reached 29.7 billion won this year, up 12.5% from the previous year.