Yangsan-si, Various Support Initiatives to Overcome Local Economic Crisis

Support Policies for Small Business Owners, SMEs, and Landlords

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City, Gyeongnam Province, has made overcoming the local economic crisis and rapid normalization in the 'post-COVID-19 era' the top priority of its administration, and is implementing various economic support policies for small business owners, small and medium-sized enterprises (SMEs), and landlords who are experiencing difficulties.

The city has set the loan support scale for fostering small business owners at 30 billion KRW. The interest support period will be significantly extended from the existing 2 years to up to 4 years, and it will be applied retroactively to small business owners who applied last year, actively alleviating the repayment burden of loans due to COVID-19.

For the Yangsan-type employment retention support project, the city will continue to promote the 'Yangsan-type employment retention support fund employer burden support project' this year as well.

Through this, the city supports 50% of the employer's burden incurred when applying for the government's employment retention support fund, thereby preventing cases of unpaid leave and dismissal and helping to maintain employee employment to overcome COVID-19.

With 80 billion KRW in loan support funds for fostering SMEs, the city compensates 2~2.5% of the interest required for management and facility investment of SMEs. The limit per company is 400 million KRW for management funds and 400 million KRW for facility funds, and by combining each fund, applications can be made for up to 800 million KRW (1 billion KRW for special enterprises), supported for 4 years.

In addition, projects that are practically helpful to small business owners, such as expanding support for hygiene establishments like general restaurants and extending the property tax reduction for participants in the 'Good Rent Movement' for one more year, are also being carried out.

Kim Il-kwon, Mayor of Yangsan City, said, "In line with government policies, we plan to implement various economic support policies for small business owners, vulnerable employment groups, SMEs, and landlords, making overcoming the local economic crisis the top priority of our administration." He added, "Although it is difficult to immediately promote consumption activation due to the extension of social distancing levels, we ask for participation so that small business owners, who are the backbone of the local economy, can have hope through good prepayments and good rents."