Changwon Special City Provides 20,000 KRW Monthly Hope Incentive Fund for Small Business Owners Under Yellow Umbrella Program

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam has signed a business agreement with the Korea Federation of Small and Medium Business and is promoting the Yellow Umbrella Hope Incentive Project, which provides 20,000 KRW monthly to small business owners this year.

This project, implemented by the city to restore the livelihood economy, is designed to promote subscription to the Yellow Umbrella Mutual Aid, which helps small business owners maintain stability in life from threats such as business closure or death and provides opportunities for business recovery.

Changwon Special City Hall, Gyeongnam.
Photo by Se-ryeong Lee

The city will invest a total of 390 million KRW this year to support about 4,000 small business owners with a monthly hope incentive of 20,000 KRW for up to one year until the budget is exhausted.

Small business owners and small enterprises with annual sales of 300 million KRW or less can apply for the hope incentive while subscribing to the Yellow Umbrella Mutual Aid either by visiting commercial banks or online.

Currently, about 31,400 small business owners in Changwon City are subscribed to the Yellow Umbrella Mutual Aid, receiving benefits such as income deduction on mutual aid contributions and protection of mutual aid payment rights.

Hong Nam-pyo, Mayor of Changwon Special City, said, “In the recent market with overlapping high inflation and high interest rates, the Yellow Umbrella Mutual Aid will serve as a safety net for small business owners’ future,” adding, “We will actively support the hope incentive so that more small business owners can benefit from subscribing to the mutual aid.”