For businesses big or small the buzzword is staying afloat.
In particular the credit crunch can make or break a small business which for example supplies auto parts to bigger firms.
As buyers are finding it increasingly harder to pay back bank loans on time this could lead to a series of defaults on subcontractors and even bankruptcies at a time when banks are unwilling to give out new loans.
The bleak situation has prompted the South Gyeongsang chapter of the Small and Medium Business Administration to open a center catering exclusively to local businesses.
It provides support for the companies in getting much-needed new loans and help to roll over existing debt from banks.
Meanwhile, Changwon City in South Gyeongsang Province has also rolled up its sleeves.
The city has currently secured 1-million US dollars to help ease small businesses.
To revive the sagging construction business it also plans to speed up the disbursement of nearly 80 million dollars in the first half of next year to push ahead with infrastructure projects.
[Interview : Park Wansu
Changwon City Mayor] "In addition to budget matters, from this point on, we are focusing our key administrative efforts to revive the local economy and stabilize the people's livelihood."
The hands-on approach also includes tax incentives like a moratorium on local taxes and efforts to curb back wages at the small businesses while cooperating with the central government offices.
Park Jonghong, Arirang News.
NOV 29, 2008
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in National News |
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Arirang Town
Wednesday, FEB 10, 2010, (KST) 
