[GLOBAL ECONOMIC TIMES]  It was found that small business owners in the Incheon region are experiencing serious difficulties amidst the three major crises such as high interest rates and high inflation. In particular, the closure rate of small business owners in the Incheon area was the highest in the country last year, and the subrogation rate has also surged this year, causing a major blow to the local economy.

According to data released by Democratic Party of Korea lawmaker Heo Jong-sik (Dong-gu, Michuhol-gu, Incheon) on the 22nd, the small business closure rate in Incheon last year was 10.5%, far exceeding the national average of 9.6%. In particular, Bupyeong-gu had the highest business closure rate at 12.2%, followed by most regions, including Gyeyang-gu and Namdong-gu, with business closure rates exceeding 10%.

In addition, according to data from the Korea Credit Guarantee Foundation, Incheon's guarantee accident rate and subrogation rate were 8.2% and 7.9%, respectively, as of last month, ranking first in the country. Subrogation means that if a small business owner cannot repay the debt, a guarantee agency pays the loan on his or her behalf, and this is an indicator that the business difficulties of small business owners are serious.

Rep. Heo emphasized, “The business environment for small business owners in the Incheon region is the worst in the country,” and added, “In addition to the government’s bold support policy, Incheon City must also prepare separate support measures.”

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