[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City, Jeonbuk Province announced on the 22nd that it will provide the ‘Small Business Stability Support Fund’ as a pledge project of the 8th local government to alleviate the management burden of small business owners facing difficulties.
This is a management stabilization measure prepared by the city to ease the management burden of small business owners who are struggling due to decreased sales caused by high interest rates and high prices, economic recession, and minimum wage increases.
Jeongeup City Provides 500,000 KRW Stability Support Fund for Small Business Owners [Photo by Jeongeup City]
The support scale is 2.91 billion KRW, fully funded by the city budget.
Small business owners operating stores in the Jeongeup area are expected to receive support funds of 500,000 KRW each.
The support funds will be provided as anonymous prepaid cards (Jeongeup Love Gift Certificates) to be used quickly and effectively for the practical revitalization of the local economy.
Applicants must be small business owners with sales of 100 million KRW or less in 2022, and businesses that closed in 2022 are also included in the support target.
However, e-commerce businesses without separate business locations, solar power generation businesses, and small business policy fund excluded industries are excluded.
Also, if operating two or more business locations, support funds will be provided for only one business location.
Small business owners wishing to receive support funds can apply at the town or township office or the community service center at the business location starting from the 6th of next month.
Applicants must attach supporting documents such as business registration certificate, application form, store photos, and value-added tax standard certificate.
The city will confirm the eligibility of applicants and finalize the recipients, with payments scheduled to begin in May.
Mayor Lee Hak-su said, “I hope this will help stabilize the management of small business owners who are struggling due to decreased sales caused by economic recession and rising raw material costs, and revitalize the local economy,” adding, “We will continue to do our best to prepare policies that are practically helpful to small business owners.”
Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil baekok@asiae.co.kr
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