Korea’s Elderly Entrepreneurs Warned Off Failing Startups
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South Korea will redirect financial support from new mom and pop stores and restaurants to discourage retirees from pouring their life’s savings into enterprises that often collapse and leave them destitute.
With almost two-thirds of startups failing within three years and 69 percent of state-lending for small business going into the crowded market for eateries and grocery outlets, the government will begin channeling low-cost loans to “promising businesses,” six ministries said in a joint statement today.