Yangsan-si Provides Special Fund Support to Businesses Affected by Gathering Bans... Total Scale of 1 Billion KRW

Support Extended to Restricted Industries... Eliminating Blind Spots in Small Business Development Funds

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Yangsan City, Gyeongnam announced on the 21st that it will provide special funds totaling 1 billion KRW through consultation with the Gyeongnam Credit Guarantee Foundation for businesses subject to gathering bans that are experiencing management difficulties due to long-term administrative orders related to social distancing.

So far, some businesses subject to gathering bans, such as entertainment bars, have been classified as government credit guarantee restricted industries, making it impossible for the city to provide policy fund support.

Accordingly, on the 1st, the city amended the "Yangsan City Ordinance on the Protection and Support of Small Business Owners" to eliminate blind spots in small business loan support and secured 200 million KRW in supplementary budget funds.

The special funds for businesses subject to gathering bans can be applied for starting from the 21st through the reservation system of the Gyeongnam Credit Guarantee Foundation.

The support includes loans up to a maximum of 10 million KRW per business for small business owners with more than six months of business experience among 333 general entertainment bars and dance hall operators in the jurisdiction. Additionally, the city will cover the interest difference at 2.5% for four years and support one year's worth of credit guarantee fees. The repayment method is a two-year grace period followed by two years of installment payments.

For more detailed information, please refer to the announcements section on the city hall website or contact the Job and Economy Division of the city hall.

Kim Il-kwon, Mayor of Yangsan City, said, "I hope this will be an opportunity to provide some relief to entertainment businesses that were in the blind spots of small business development funds," and added, "We will strive to implement policies that provide practical help to small business owners struggling due to the prolonged COVID-19 pandemic."