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Implementation of interest-free medical and disaster loans
Starting December 1, the Korea Federation of Small and Medium Businesses will introduce the Yellow Umbrella medical and disaster loan service, a mutual aid project targeting small business owners and small businesses. Medical loans (KRW 10 million) and disaster loans (KRW 20 million) are provided to subscribers who are hospitalized for more than 5 days due to illness or injury or who have suffered disaster damage, but there is no interest burden.
The interest rate on the Yellow Umbrella Deduction Loan, which allows small business owners in urgent need of operating funds to borrow against the previously paid deduction amount, has been lowered by 0.5 percentage points to 2.9% following the COVID-19 incident. The Korea Federation of SMEs and Startups explained that 140,000 people who received Yellow Umbrella loans saved about 7 billion won in interest due to a 0.5 percentage point interest rate cut.
If you sign up for Yellow Umbrella, which was launched in September 2007, you can benefit from annual compound interest payments as well as income deductions. This is to encourage savings by providing tax benefits to small business owners and to help them make a living even after business closure or retirement. The size of the income deduction varies depending on business income (earned income), but you can save 330,000 to 1.15 million won in taxes per year. The subscription amount is subject to compound interest of 2.1% per year. Since the Yellow Umbrella subscription amount (deposit + interest + local government incentive) is excluded from seizure, even if the property is seized due to business failure, the Yellow Umbrella subscription amount can be kept and used as funds for business recovery. Among all small business owners and small businesses, the Yellow Umbrella subscription rate is estimated at 36.7%, and according to the Korea Federation of SMEs and Startups, as of the end of September, 1,858,093 people have cumulatively signed up (216,672 new members). It is certain that the number will well exceed 2 million in the first half of next year. The highest monthly payment by subscriber is 60,000 to 240,000 won (29.7%).
Park Yong-man, head of the Korea Federation of Small and Medium Business Corporation’s Mutual Aid Business Division, said, “We have signed business agreements with seven organizations, including the Korea Federation of Hairdressing Societies and the Korea Tax Association,” and added, “We hope that more small business owners will join Yellow Umbrella.”
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