Yecheon-gun Invests 4 Billion KRW to Revive Local Economy Hit by 'COVID-19'

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Young-wook] Yecheon-gun, Gyeongbuk announced on the 3rd that it will invest a total of 4 billion KRW in five areas, including support for small business owners, to revive the local economy, which has been depressed due to the impact of the novel coronavirus infection (COVID-19).

First, an additional 10 billion KRW worth of 'Yecheon Love Gift Certificates' will be issued to promote residents' consumption. Of this, 7 billion KRW will be allocated to welfare-related livelihood stabilization policies such as temporary emergency welfare, disaster emergency living expenses, and temporary living support for low-income groups. The remaining 3 billion KRW will be sold at a discount to the general residents.

To support small business owners who are directly affected by the local economic downturn, an additional project fund of 360 million KRW will be secured. Through this, the special guarantee loan (with a limit of 20 million KRW) implemented in February will be doubled from the existing 3 billion KRW to 6 billion KRW. The county will support the 3% loan interest for two years.

Funds for business stability, such as facility improvements at workplaces, will also be increased by 250 million KRW compared to before. From May, the interest subsidy rate for working capital loans for small and medium enterprises will be raised from the current 2% to 4%.

The 'Ordinance on Support for Small Business Owners in Yecheon-gun' will be revised, and direct costs such as electricity bills and card fees will be supported through an additional budget of 1.8 billion KRW. After the ordinance is promulgated, applications will be accepted, and electricity bills will be supported up to a maximum of 600,000 KRW, and card fees up to a maximum of 500,000 KRW.

Kim Hak-dong, mayor of Yecheon-gun, said, "We will focus various budgets on revitalizing the economy to provide practical help and support to residents whose livelihoods are threatened by the impact of COVID-19."