Yeonggwang-gun Implements Comprehensive Support Measures for Small Business Owners Amid COVID-19 Impact

[Asia Economy Honam Reporting Headquarters Reporter Jeon Seong] Yeonggwang-gun, Jeollanam-do (Governor Kim Junsung) announced on the 19th that it will implement a ‘Comprehensive Support Plan for Small Business Owners’ to support small business owners who are struggling due to the recent impact of COVID-19.

The county will promote various support measures such as encouraging the use of local stores, supporting participation in small and medium enterprise exhibitions, and providing support funds for youth startups and business stabilization.

With the increase of large distribution companies, changes in consumption patterns such as online and home shopping purchases, and the domestic economic downturn, small business owners, self-employed people, and small and medium enterprises in the area are being hit hard as the economic recession worsens due to COVID-19.

The county’s strategic goal is to revitalize the livelihood economy by boosting the spirit (gi) of small business owners. First, to strengthen self-reliance and enhance growth capabilities, it is operating a locally focused comprehensive support system for small business owners and an academy to improve their capabilities.

To alleviate cost burdens and expand the social safety net, long-term low-interest policy funds such as special guarantee support for small business owners will be expanded to reduce financial burdens, and the county plans to support the usage fees of the Yeonggwang Love Card to stabilize small business management.

Additionally, to create a sustainable self-employment environment, the county will support improvements to facilities for small business owners such as traditional markets, strengthen welfare services for small business owners, provide benchmarking support, and organize various systems and support policies implemented by the Ministry of SMEs and Startups, the Small Enterprise and Market Service, and Jeollanam-do to offer convenience to small business owners.

To support small and medium enterprises, the county plans to expand initiatives such as purchasing locally produced products, supporting participation in domestic and international exhibitions (fairs), and providing support funds for youth startups and business stabilization, so that many small and medium enterprises in the area can also benefit.

Governor Kim Junsung said, “The recent impact of COVID-19 has greatly contracted the local economy, and many small business owners and small and medium entrepreneurs in the area are expressing difficulties,” adding, “The county will do its utmost to prevent COVID-19 infections and revitalize the local economy, overcoming difficult challenges together with the residents.”