Ulsan City Allocates 36.7 Billion KRW for 93 Projects
to Support and Foster Small Business Owners
Ulsan City has prepared and will implement the 2025 Small Business Support Implementation Plan to systematically foster small business owners and stabilize their management.
According to the 2022 Basic Statistics on Small and Medium Enterprises, small business owners in the jurisdiction account for 135,184 out of 142,135 total companies in Ulsan, representing 95.1%, and 188,137 out of 408,938 total employees in Ulsan companies, representing 46.0%.
Ulsan City plans to strengthen support for small business owners by setting 10 detailed promotion tasks, including business stabilization policies through financial support to help local small business owners overcome crises, and success startup support through customized education to help them grow into innovative entrepreneurs, allocating 36.7 billion KRW for 93 projects.
The main contents include allocating 173 billion KRW in management stabilization funds to support interest subsidies within 2.5% of loan interest rates to ensure continuous business maintenance by small business owners, thereby contributing to employment stability and the local economy.
Additionally, to promote the inclusion of small business owners in the social safety net system, support will be provided for up to 30% of the payment amount beyond the government support for small business owners' employment insurance premiums, and incentive grants will be given to expand enrollment in the Yellow Umbrella Mutual Aid.
Furthermore, projects such as business environment improvement to upgrade aging store environments and improve hygiene and safety, one-on-one customized consulting to resolve small business owners' difficulties across overall management, operation of startup and management academies for prospective entrepreneurs, and fostering promising small business local brands will be promoted.
For more details, please check the “2025 Ulsan Metropolitan City Small Business Support Project Integrated Announcement” on the city hall website.
An official from Ulsan City stated, “We will continue to implement various policy projects to reduce the management burden of small business owners, who are the foundation of Ulsan’s economy and the main drivers of job creation, by establishing financial and social safety nets and strengthening the innovation capabilities of small business owners.”
Small business owners refer to small enterprises classified by average sales by industry according to Article 2 of the “Framework Act on Small and Medium Enterprises” and Article 8 of the Enforcement Decree of the same Act, and businesses with 5 to fewer than 10 regular employees by industry according to Article 2 of the “Small Business Act” and Article 3 of the Enforcement Decree of the same Act.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
