The Korea Federation of Small and Medium Business (KFSB) is expanding the eligibility for its "Fresh Start Fund-Yellow Umbrella Leap Support Grant" program.
KFSB announced on the 3rd that it will expand the support program through a business agreement with the Fresh Start Fund for Small Business Owners and Self-Employed.
The initiative aims to help Fresh Start Fund participants who are faithfully repaying their debts prepare for unexpected business crises such as closure and establish a stable financial foundation through the Yellow Umbrella mutual aid program.
This year, eligibility expands from those under the fund's direct debt purchase restructuring program to include those under brokered debt restructuring agreements through the Credit Counseling and Recovery Service. The measure allows small business owners making regular repayments to receive support regardless of debtor or loan type.
Small business owners who join Yellow Umbrella by December 15 this year and are making regular repayments under either the direct purchase or brokered debt restructuring programs can apply to receive a 100,000 won leap support grant. Those who received the same grant last year are excluded.
Applicants must submit either a "Fresh Start Fund Repayment History Certificate" or a "Credit Counseling and Recovery Service Debt Repayment Plan Compliance Certificate." Those who have fully repaid their debts may substitute these with a "Fresh Start Fund Debt Completion Certificate" or "Credit Counseling and Recovery Service Debt Repayment Plan Completion Certificate."
Applications can be submitted starting today through the Yellow Umbrella website.
"It is important to provide a foundation for small business owners who are faithfully repaying their debts to get back on their feet," said Lee Chang-ho, head of KFSB's Mutual Aid Business Division. "We hope more small business owners will continue their businesses stably through Yellow Umbrella."