Guess where Mr. Shin has chosen for his first tour as a chairman of Financial Service Commission. On March 29th, Mr. Shin picked Soongsil University’s Venture Small and Medium sized Enterprises Support Center as his first move. Mr, Shin’s pick for his first tour shows his strong will to boost SMEs and cultivate the environment of “creative economy”, which is key word of new government. Furthermore, many of key features in finance industry, including president of Export and Import Bank of Korea and vice president of FSS, participated in this event.
Mr. Shin walked into firms that are occupied in the SMEs Support Center and took a look at business item (3D monitor and mobile application), listening presentation on the item with rapt attention. Next, Mr. Shin moved to talk with university students who are future entrepreneurs. Two establishment clubs of Soong-sil University did presentation about their business model. The first model was about travel package. As they noticed that most travel package focused mainly on traveling abroad or Seoul/Jeju area, they started promoting unknown area as a traveling spot. The second establishment club supported amateur musician to succeed. The members of this club thought that having own color and story is important for these musicians. They are helping musicians to achieve that goal. After hearing from university students, Mr. Shin encouraged the future entrepreneurs that they are strong energy that can boost Korea’s economy and promised to support them. Also, Shin emphasized the importance of not giving up by saying “Don’t be afraid of failure. Being afraid of failure is a failure.”
Then Mr. Shin moved to another building in the same university to have discussion with small-sized business owners. Business owners first took turns speaking about their dissatisfaction or request to the chairman of Financial Services Commission. The chairman started his statement by likening the policy of supporting small business to airplane take-off and landing. He mentioned that Policy Lending Program and capital market should act according to the stage. That is, providing venture capital at the beginning, weakening turbulence at the plateau, and M&A support for those who reached maturity. The meeting took longer than scheduled. We could feel the high expectation to the new chairman. During long open discussions on ways of financial support for SMEs, Mr. Shin was taking a note from every small things SME business leaders cited. In closing of the discussion, Mr. Shin responded to the difficulties SMEs leaders have expressed. Particularly, he pointed out that joint guarantee, which was main difficulty that has been brought up, will be fully abolished. Also, Mr. Shin asked the directors from Korea Technology Finance Corporation the trust guarantee funds about the solution for problems for SMEs’ financial support.
It was cool that the Chairman and other representatives heard from SMEs leaders and responded to them with practical solutions. This tour was start for FSC’s effort to improve SMEs’ business environment. We could see Mr. Shin’s will to focus on supporting SMEs by providing measures in this tour. We can already see the bright future of SMEs and Korea’s economy.
By Soyeong Choi (firstname.lastname@example.org) & Soojeong Park (email@example.com)