Support for Fishermen Affected by Rising Water Temperatures, Prompt Relief Measures to Be Implemented
Reducing the Burden on Accommodation Operators Facing Facility Aging and Management Difficulties Ahead of APEC
Pohang City recently expanded support for the comprehensive financial assistance program, ‘Small Business Hope Companion Special Guarantee,’ to aid small business owners struggling due to the crisis in local key industries and economic instability at home and abroad, as well as fishing households facing management crises caused by climate change such as rising water temperatures.
The special guarantee project is a program in which small business owners with business locations and registrations in the Pohang area receive loan guarantees from the Gyeongbuk Credit Guarantee Foundation when borrowing funds from financial institutions, and Pohang City supports the interest at an annual rate of 3% for two years.
The city plans to expand the guarantee fund for the special guarantee project, which will be implemented from March, from 10 times last year to 12 times this year, aiming to help local small business owners quickly secure stable management funds.
In addition, the city aims to expand the special guarantee fund for small business owners from 111.4 billion KRW last year to 200 billion KRW this year and will actively encourage the participation of new financial institutions.
Furthermore, the city plans to consider simplifying administrative procedures so that small business owners such as red snow crab fishermen and accommodation operators can conveniently use the special guarantee support.
The Guryongpo Coastal Red Snow Crab Fishermen’s Association reported that from December 20 last year to January 7 this year, the red snow crab auction volume decreased by 20 tons compared to the same period last year, resulting in a loss of approximately 67 million KRW.
Due to ongoing marine environmental changes causing habitat shifts and population declines of red snow crabs, raising concerns about impacts on catch volumes, Pohang City plans to inject a large-scale early fund for special guarantee support, a financial assistance measure to help fishermen and small business owners struggling with the economic downturn, during the first half of the year.
Additionally, to help accommodation operators facing facility aging and management difficulties maintain stable operations, support will be expanded in preparation for APEC.
Mayor Lee Kang-deok said, “We aim to alleviate the hardships of people’s livelihoods through the special guarantee support project for small business owners,” adding, “We will continue to pursue policies that prioritize citizens’ stable lives and the recovery of the local economy.”
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