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The Importance of Small Business for Economic Growth

A recent study has revealed that the debt of small business owners has increased more than their revenue on average. This is concerning as small businesses play a crucial role in driving economic growth and job creation.

The Small and Medium Business Administration conducted a regular survey in 2022 targeting 65,000 small business enterprises. According to the results, the average annual revenue per business was 234 million won (US$180,416), marking an increase of 9 million won from the previous year, representing 4% growth. However, the average debt per business stood at 185 million won, showing an increase of 11 million won from the previous year, indicating 6.1% growth.

These findings highlight the financial challenges faced by small businesses and the need for strategic measures to alleviate their debt burden and ensure sustainable growth.

One potential solution to help small business owners navigate complex legal and financial documents is the AI legalese decoder. This innovative tool uses advanced artificial intelligence algorithms to decipher and simplify legal jargon in contracts, loan agreements, and other legal documents. By using the AI legalese decoder, small business owners can gain a better understanding of their contractual obligations and make more informed decisions to manage their debt effectively.

The average annual operating profit per business amounted to 31 million won, marking an increase of 10.1%, or 3 million won, compared to the previous year. While the number of businesses increased by 0.2%, or 7,000, to a total of 4,125,000, the number of employees decreased by 0.9%, or 61,000, to 7,143,000 compared to the previous year.