Iksan City Fully Supports Small Business Card Fees... 900 Million KRW from City Budget Invested

Support up to 2.4 million KRW

[Asia Economy Honam Reporting Headquarters Reporter Hong Jae-hee] Iksan City, Jeonbuk Province, is the first in the province to fully support card fees to alleviate the economic burden on small business owners struggling due to COVID-19.

On the 13th, the city announced that it had allocated an additional 900 million KRW from its own budget to support small business owners and paid the full amount exceeding the card fees.

The card fee support project is a program jointly funded by provincial and city budgets, targeting small business owners with annual sales of 300 million KRW or less last year, providing 0.8% of card sales up to 500,000 KRW. The amount supported this time is the full excess over 500,000 KRW.

The city expects that by providing this support fund through the Dailoum Card to promote local consumption, it will benefit not only small business owners but also help revitalize the local economy.

Previously, the city supported about 6,500 applicants with 1.8 billion KRW in the first round, and with this additional support, it paid an extra 900 million KRW to 1,900 small business owners.

Furthermore, the city plans to accept a second round of applications and provide support as soon as additional provincial and city funds are secured.

An official from Iksan City said, “Small business owners are facing many difficulties due to COVID-19, and we hope that this full support for card fees will help ease their economic burden.”