Reviewing Easing of Ban on Gatherings of 5 or More... Busan City to Actively Promote Support Measures for Small Business Owners

Busan Mayor Park Hyung-jun to Preside Over First Emergency Economic Measures Meeting on the 15th

Panoramic view of Busan City Hall. (Photo by Busan City Hall)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City is actively considering easing quarantine rules to temporarily allow gatherings of five or more people during lunchtime once the spread of COVID-19 stabilizes, reflecting the opinions of small business owners.

On the 15th, Busan City held its first emergency economic countermeasure meeting at Busan City Hall to review the local economic situation and discuss responses to pressing issues.

The emergency economic countermeasure meeting is chaired weekly by Mayor Park Hyung-jun himself, bringing together field officials and experts related to major issues such as quarantine, economy, and welfare to devise COVID-19 response measures amid the prolonged pandemic.

At the first meeting, economic institutions and organizations such as the Busan Chamber of Commerce and Industry, Small and Medium Business Administration, Busan Research Institute, and Busan Bank attended, along with organizations related to small business owners severely affected by COVID-19.

The meeting reviewed plans to ease quarantine rules.

Mayor Park said, “I have heard many stories about the increasing difficulties caused by the ban on private gatherings of five or more people in the field of livelihood,” adding, “We will actively discuss with the government the possibility of allowing gatherings of five or more people during weekday lunchtimes only, limited to the same group, when the spread of COVID-19 stabilizes.”

Busan City also decided to significantly expand special financial support for small business owners.

Currently, 400 billion KRW is allocated across four products for small business financial support. For loans maturing in 2021, the repayment period will be extended from the existing five years to seven years.

Through cooperation with the Busan Credit Guarantee Foundation and local financial institutions, loan limits will be increased, and special funds for small business rental fees will be expanded from 50 billion KRW to 200 billion KRW.

Additionally, 10 billion KRW will be newly invested exclusively for businesses subject to closure or restrictions.

The city plans to expand the scope of financial support by implementing a 100 billion KRW special fund for small businesses with three no-conditions (no collateral, no credit check, no interest) within May.

The funding for the three no-conditions special fund will be jointly raised by Busan Bank and local financial institutions.

Moreover, through a public mobile market app scheduled to open in May, Busan City intends to provide all services from ordering to delivery, revitalizing traditional markets and neighborhood restaurants.

Prior to this, the ‘COVID-19 Crisis Small Business Support Measures,’ officially approved as the first decision by Mayor Park Hyung-jun, will be swiftly implemented.

This plan includes expanding the issuance of the local currency Dongbaekjeon in Busan from 100 billion KRW to 200 billion KRW per month (increasing cashback from 30,000 KRW to 60,000 KRW), expanding support for Moduron, introducing smart order support, innovating traditional markets, and establishing a dedicated institution for small business owners.

On the day, small business owners also proposed opinions related to quarantine such as support for workplace quarantine equipment, mandatory QR codes, and cautious disclosure of confirmed patients’ movement paths, as well as suggestions for easing loan criteria, simplifying support procedures, and expanding support projects for closed small businesses.

Mayor Park stated, “We will continue to improve unreasonable quarantine rules, such as allowing daily baths but banning monthly baths, and will also discuss with the government to improve standards that exclude temporary sales increases from government support funds.”