Onnuri Gift Certificates Now Accepted at Over 2,000 Baeknyeon Small Business Stores Nationwide

'Small Business Act' Amendment Approved at Cabinet Meeting
Registration of Baeknyeon Small Business Stores as Onnuri Gift Certificate Merchants Allowed
'Traditional Market Act' Amendment Passed at Cabinet Meeting
Establishment of Support for Fire Insurance Premiums in Traditional Markets

From now on, the use of Onnuri Gift Certificates issued by the government will be possible even at Baeknyeon Small Business stores located outside traditional market or shopping district areas.

The Ministry of SMEs and Startups announced that the amendment to the "Act on the Protection and Support of Small Businesses" (hereinafter referred to as the Small Business Act), which mainly allows Baeknyeon Small Businesses to register as Onnuri Gift Certificate affiliated stores, was approved at the Cabinet meeting on the 10th. This amendment will be promulgated and enforced immediately after the President's approval.

On the 30th, a notice about the use of Onnuri gift certificates was posted at a store in Cheongnyangni General Market, Dongdaemun-gu, Seoul, where the government raised the monthly purchase limit for individuals to 1.5 million won. Photo by Jinhyung Kang aymsdream@

Baeknyeon Small Businesses are small businesses that have operated for a long time, contributed significantly to society, and are expected to continue growing based on accumulated experience. If they meet the designation requirements such as a certain period of business operation, product or service differentiation, and contribution to the local community, they can apply for designation to the Minister of SMEs and Startups, who will review the requirements and designate them.

As of September, 2,313 companies nationwide have been designated as Baeknyeon Small Businesses, and about 2,000 of these small businesses are expected to benefit from registering as Onnuri Gift Certificate affiliated stores.

Onnuri Gift Certificates are nationwide gift certificates issued by the Minister of SMEs and Startups under the "Special Act on the Promotion of Traditional Markets and Shopping Districts." They have mainly been distributed by merchants registered as affiliated stores in traditional markets, shopping districts, alley-type shopping districts, commercial revitalization zones, and autonomous commercial zones under the "Act on the Mutual Growth and Revitalization of Local Commercial Districts."

With the amendment of the Small Business Act, Baeknyeon Small Businesses nationwide will also be able to register as Onnuri Gift Certificate affiliated stores, and consumers will be able to use Onnuri Gift Certificates at Baeknyeon Small Business stores located throughout the country.

Lee Dae-geon, Director of Small Business Policy at the Ministry of SMEs and Startups, said, "With this amendment to the Small Business Act, consumers will be able to conveniently use Onnuri Gift Certificates at Baeknyeon Small Business stores nationwide, which is expected to help Baeknyeon Small Businesses achieve continuous growth through increased sales."

Meanwhile, the partial amendment to the "Special Act on the Promotion of Traditional Markets and Shopping Districts," which includes the expansion of support for traditional market fire insurance, also passed the Cabinet meeting on the same day.

This amendment establishes the basis for the government and local governments to support part of the fire insurance premiums for traditional markets to enable rapid recovery and support merchants' livelihood stability in case of fire. It also includes a change in terminology from requiring local government heads to "report" to the Minister of SMEs and Startups when designating or changing commercial revitalization zones to "notify" or "submit."

Through this, the subscription rate for traditional market fire insurance is expected to increase, enabling rapid recovery and expanded support for merchants' livelihood stability in case of fire, and fostering a cooperative relationship between the central government and local governments in implementing commercial district policies.

The amended "Traditional Market Act," which passed the Cabinet meeting, will be enforced six months after promulgation, and the Ministry of SMEs and Startups plans to revise the enforcement decree to detail matters necessary for fire insurance support.