Ministry of SMEs and Startups holds a meeting to address difficulties faced by companies affected by TimePf unsettled settlement
The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced that it held a meeting at Mapo Dream Square in Seoul on the afternoon of August 14 for affected companies that did not receive settlement on time from Timon and WeMakePrice.
This meeting was held to hear about the difficulties companies are experiencing in the field related to unsettled accounts and to provide guidance on the support plan prepared by the government. Small and medium-sized businesses and small business owners who attended the meeting freely discussed management difficulties caused by unsettled accounts, and Minister Oh Young-joo and the directors in charge of the Ministry of SMEs and Startups explained government policies in detail.
As soon as the seriousness of the Timon and WeMakePrice unsettled issues was raised, the Ministry of SMEs and Startups participated in a task force of related ministries to discuss support measures, and on July 29 and August 7, two measures were taken to support companies struggling to secure liquidity. An emergency management stabilization fund support plan has been announced.
Starting last week, the emergency management stabilization fund project was announced (August 7), and applications and applications for companies began (August 9). Simplification of online application and loan screening is being done to minimize inconvenience to companies and provide liquidity quickly.
In addition, considering the high on-site demand for emergency management stabilization funds from the Small and Medium Venture Business Corporation (hereinafter referred to as SMEs), the Ministry of SMEs and Startups decided to increase the funds in consultation with the financial authorities.
Minister Oh Young-joo said, “We plan to quickly provide liquidity to minimize damage to small and medium-sized businesses and small business owners who have not received promised sales payments from Timon and WeMakePrice.” He added, “In particular, the emergency management stabilization fund for SMEs reflects the high demand in the field. “We decided to increase it,” he said.
He added, “We will fully discuss the valuable opinions expressed here today with the Ministry of SMEs and Startups as well as relevant ministries and do our best to resolve management difficulties caused by Timon and WeMakePrice non-settlement.”
Editor. Seyeong Hong
