Sogongyeon and Sarangui Yeolmae to Support Emergency Living Stabilization Funds for Small Business Owners

Support up to 500,000 KRW per household for small business owners with 5 or fewer employees

The Korea Federation of Micro Enterprise Associations announced on the 6th that it will provide emergency living stabilization funds to small business owners in collaboration with the Community Chest of Korea. [Photo by Korea Federation of Micro Enterprise Associations]

[Asia Economy Reporter Lee Junhyung] The Korea Federation of Micro Enterprises announced on the 6th that it will provide emergency living stabilization funds to small business owners in collaboration with the Community Chest of Korea (Sarangui Yeolmae). The support amount is up to 500,000 KRW.

The recipients are small business owners nationwide who are currently maintaining their businesses. The sales scale must meet the small business criteria, and the number of regular employees must be five or fewer. For manufacturing, mining, construction, and transportation industries, the standard is up to 10 employees.

Additionally, households with income below 40% of the median income last year are eligible. The Federation does not separately investigate financial assets and debts by household. Entertainment and gambling industries, as well as professional occupations, are excluded from support.

The total number of eligible households is about 500. The Federation plans to provide 500,000 KRW per household regardless of the number of household members.

Applications will be accepted through the Federation’s website during the first half of this year. Only one representative per business can apply. The Federation stated that after income verification and other screenings, the support funds will be promptly transferred to the eligible business owner’s account.

Kim Imyong, Acting President of the Federation, said, "We have prepared a way to provide even a small amount of support to small business owners struggling due to COVID-19," adding, "This is to encourage the spirit of small business owners who have suffered unbearable damage." Acting President Kim also added, "We hope this support project will lead to participation and sponsorship from various companies, bringing greater benefits to small business owners."