South Korea launches nationwide consultations for small business crisis management

The Ministry of SMEs and Startups is launching a series of comprehensive management crisis consultation sessions across 14 regions in South Korea. Starting in Daejeon and Sejong on August 28 and continuing through the end of October, the initiative aims to support small business owners struggling with high interest rates and sluggish domestic consumption.

Experts will provide one-on-one customized consultations covering various critical areas, including policy funding, credit guarantees, debt adjustment, business closure, employment, re-startup support, labor, and marketing. Participants will also receive a free ‘management diagnosis report’ that analyzes local commercial district status and sales trends to help them objectively assess their business situation.

This initiative comes as statistics show a high closure rate among small businesses in six major sectors, with many owners facing significant debt upon closing. The program is designed to help owners decide whether to continue operations, reorganize, or transition into new employment or businesses.