50 Million KRW Support per Business
for Small Business Owners with Annual Sales
of Less Than 104 Million KRW
Chungnam Provincial Council Budget Committee Approves Supplementary Budget for Small Business Support in Chungnam Province
The Budget and Accounts Special Committee of the Chungnam Provincial Council has provided support for the emergency relief fund to help small business owners in the province recover their businesses amid the economic downturn.
On the afternoon of the 18th, the committee held the first meeting of the 357th extraordinary session, reviewed the '2025 Chungcheongnam-do First Supplementary Budget Proposal,' and approved it as originally submitted by the provincial government.
This supplementary budget was proposed by the province to aid the recovery of small business owners suffering from a triple crisis of high inflation, high interest rates, and high exchange rates, as well as to boost the local economy through increased consumption, especially given that the closure and suspension rate for small businesses in the province reached 34.6% last year.
The supplementary budget amounts to 57.5 billion KRW (28.75 billion KRW from the province and 28.75 billion KRW from cities and counties).
The support targets 249,281 small business owners with fewer than five regular employees (fewer than ten for manufacturing and construction industries), whose representative is registered as a resident in the province as of the announcement date and who operated a business with annual sales of less than 104 million KRW in 2024.
The relief fund will provide 500,000 KRW per business, and each city or county will autonomously decide whether to pay in cash or through local gift certificates.
Park Jeongsik, Chair of the Budget and Accounts Special Committee, stated, "The first supplementary budget proposal for 2025 was prepared to support the recovery of small business owners facing deepening crises due to difficult fiscal conditions and the economic downturn. I hope that effective implementation will alleviate the difficulties of small business owners and that various support methods for their business normalization will be considered in the future."
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