Promotion of Five Major Support Measures
Including Assistance for SMEs and Small Business Owners
Jeonnam Province Five Major Policy Initiatives for Reviving the People’s Economy Poster. Provided by Jeonnam Province
Jeollanam-do is set to implement five major support measures for the local economy, including expanding the discount rate for local gift certificates and providing public utility bill support for restaurant businesses, in order to stabilize the management of small and medium-sized enterprises (SMEs) and small business owners amid complex economic crises such as high inflation and weakened consumer sentiment.
To stimulate local consumption, Jeollanam-do has increased the discount rate for local gift certificates to 10%. Approximately 350 billion KRW worth of certificates will be issued over three months until March. Jeollanam-do and its cities and counties will each allocate 17.5 billion KRW, totaling 35 billion KRW, with the goal of alleviating the burden of consumer prices and revitalizing local commercial districts.
Support for public utility bills will also be provided to small restaurant business owners. To ease the burden of fixed costs such as electricity, gas, and water, a one-time payment of 300,000 KRW will be given to about 20,000 small business owners. Eligible recipients are restaurant businesses with fewer than five regular employees and annual sales of less than 104 million KRW.
The scale of management stabilization fund support will also be expanded from the original 500 billion KRW to 650 billion KRW. Of this, 450 billion KRW will be allocated to SMEs and 200 billion KRW to small business owners. The interest support rate for SMEs by Jeollanam-do will be increased from the previous 2.0-2.5% to 2.4-2.9%, while small business owners will continue to receive a 3.0% rate, aiming to ease financial costs and expand funding capacity.
To alleviate the burden of delivery app fees for small business owners, public and win-win delivery app discount events to boost consumption will also be implemented. Since the 20th, a 3,000 KRW discount coupon has been provided for payments of 15,000 KRW or more with local gift certificates on the Meokkkaebi and Ttaenggyeoyo apps, and starting from the 27th, a delivery fee support coupon worth 3,000 KRW will be offered.
The 'Seonseon Payment Campaign' will also be promoted to revitalize the local economy. Various entities, including Jeollanam-do and city/county public institutions, private companies, and financial institutions, will support local store sales through advance payment methods, with public and private sectors cooperating to promote local economic recovery.
Kim Yungrok, Governor of Jeollanam-do, stated, "These support measures for the local economy are comprehensive policies aimed at alleviating the management difficulties of SMEs and small business owners and strengthening the virtuous cycle of consumption and production," adding, "We will do our best to achieve tangible economic recovery that residents can feel."
For more details, please visit the Jeollanam-do website or contact the Jeollanam-do Department of SMEs and Startups.
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