Gyeonggi-do Waives Self-Payment Costs for 'Small Business Management Environment Improvement Project'

Full Provincial Subsidy Up to 3 Million KRW... Supply Price Basis Adjusted from 90% to 100%

[Asia Economy Reporter Ra Young-cheol] The 8th-term Gyeonggi Province and the Gyeonggi Market and Commercial Promotion Agency announced on the 1st that they will temporarily waive the entire self-payment for two projects this year: 'Improvement of Small Business Management Environment' and 'Improvement of Management Environment for Early-stage Small Businesses.'

Previously, small business owners had to bear 10% of the supply cost for management environment improvement expenses, with the remaining 90% supported by provincial funds. This year, the support has been temporarily changed to 100% coverage.

The support scale includes a total of 4,658 companies: 3,840 companies under the 'Small Business Management Environment Improvement Project' and 818 companies under the 'Early-stage Small Business Management Environment Improvement Project.'

These companies will receive provincial funds covering the entire supply cost up to a maximum of 3 million KRW in their desired areas among ▲store environment improvement (signboards, interior decoration, etc.), ▲system improvement (POS, unmanned order payment systems, CCTV systems, etc.), and ▲promotion and advertising (catalogs, product packaging, offline advertising, trademark applications, etc.).

The province plans to start providing support funds sequentially from small business companies that have completed the management environment improvement construction starting today.

Jung Do-young, Director of Economic Planning, stated, "In a situation where the management environment burden on small businesses is increasing due to weakened consumer sentiment and rising raw material costs, we will implement support projects that can be more helpful."