Gwangyang City Supports Improvement of Aging Facilities for Small Business Owners

Facility Improvement Costs, Up to 4 Million Won Supported

Gwangyang City in Jeollanam-do announced that it will invest a total project cost of 500 million KRW to promote the ‘2024 Small Business Facility Improvement Support Project’ to strengthen the business competitiveness of small business owners struggling in the era of high inflation and to revitalize the local economy through management stabilization.

This project supports the costs for renovation and repair of aging building facilities and equipment replacement (such as signboards, awnings, interiors, display fixtures, hygiene management devices, sinks, etc.). Subsidies cover 80% of the supply price, up to a maximum of 4 million KRW per business, while the remaining 20% and value-added tax must be borne by the applicant.

[Photo by Gwangyang City]

The support target is store-type small business owners who have been operating their business in Gwangyang City for more than three months as of the announcement date (February 29, 2024).

However, ▲business operators with overdue local taxes ▲businesses in excluded industries such as gambling, entertainment, and nightlife ▲businesses that are temporarily closed or permanently shut down ▲businesses that have already received support for similar or overlapping projects (including facility improvement projects under other departments) ▲tenant businesses without the consent of the building owner ▲businesses that have received administrative sanctions such as business suspension due to violations of relevant laws ▲and direct franchise stores operated by large corporations are excluded from support.

Those wishing to participate can apply in person at the Investment and Economy Division on the 3rd floor of Gwangyang City Hall by the 20th of this month. The city will select recipients by evaluating property tax amounts, annual sales, and other factors, and the selection results will be individually notified in April.

Heo Jeong-ryang, head of the Investment and Economy Division, said, “We hope this support project will provide some help to small business owners in the region who are going through difficult times in this era of high inflation,” and added, “We will continue to actively implement various policies to restore Gwangyang’s neighborhood commercial districts and revitalize the local economy.”

Meanwhile, last year, Gwangyang City supported 135 locations with 498 million KRW through the Small Business Facility Improvement Support Project.