Gwangyang City Provides Up to 5 Million Won for Small Business Facility Improvement Costs

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Gwangyang City announced on the 8th that it will promote the ‘Small Business Facility Improvement Support Project’ to strengthen the business competitiveness of small business owners struggling due to the prolonged COVID-19 pandemic and to revitalize the local economy.

The Small Business Facility Improvement Support Project supports the improvement and repair of aging buildings and facilities, as well as equipment replacement costs (signboards, awnings, interiors, display devices, hygiene management equipment, sinks, etc.), providing subsidies up to 5 million KRW, which is 70% of the total project cost.

The support targets are small business owners in retail and wholesale, lodging and food service, and service industries who have had their residence and business location in Gwangyang City for more than one year as of the application date.

However, franchise direct stores or franchisee business operators, business operators with overdue local taxes, businesses excluded from support such as gambling, entertainment, and nightlife industries, businesses that are temporarily closed or shut down, businesses that have already received support for the same project, and tenant businesses without the consent of the building owner are excluded from eligibility.

Those wishing to participate must visit the Regional Economy Division on the 3rd floor of Gwangyang City Hall by the 19th to apply, and the selection results will be individually notified next month.

For more details, refer to the announcement on the city’s website or contact the Gwangyang City Regional Economy Division.

Lee Hwa-yeop, head of the Regional Economy Division, said, “We hope the Facility Improvement Support Project will be of some help to small business owners in Gwangyang City who are going through a difficult time due to the prolonged COVID-19 pandemic,” adding, “We will continue to actively promote various policies to revitalize Gwangyang City’s neighborhood commercial districts and local economy.”

Meanwhile, last year, Gwangyang City supported 138 locations with 495 million KRW through the Small Business Facility Improvement Support Project, and this year, considering the number of applicants, it plans to prepare an additional budget to enable more small business owners to receive support.