Miryang-si Provides Yellow Umbrella Hope Incentive Fund to Boost Small Business Owners' Morale

Monthly Incentive of 50,000 KRW for One Year to New Subscribers

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Wook] Miryang City in Gyeongnam Province has signed a business agreement with the Korea Federation of Small and Medium Business to support small business owners and is implementing the ‘2023 Miryang City Yellow Umbrella Hope Incentive Support Project’ to establish a social safety net in preparation for small business owners' closures, old age, and death.

The ‘Yellow Umbrella Hope Incentive Support Project’ provides a monthly incentive of 50,000 KRW for one year to small business owners with annual sales of 300 million KRW or less who newly subscribe to the Yellow Umbrella Mutual Aid, serving as a solid support for small business owners.

Miryang City differentiates itself from other cities and counties in the province by allocating 30,000 KRW of the 50,000 KRW incentive from its own budget. Following the support provided to 315 people last year, the city plans to continue the project this year to accelerate the expansion of the social safety net for local small business owners.

Applications must be submitted within 30 days after newly subscribing to the Yellow Umbrella Mutual Aid, and sales proof documents must be submitted within 30 days from the subscription date.

Mayor Park Il-ho said, “We will continue to promote the Yellow Umbrella Hope Incentive Support Project this year to build a social safety net for Miryang’s small business owners,” adding, “In these difficult times, we hope to be a yellow umbrella that shields from the rain and provides strength until the moment warm sunshine comes.”