Expansion of Policy Support for Small Business Owners
Early Implementation of Card Fee Support
Naju City in Jeollanam-do is launching policy support for local small business owners.
On the 5th, Naju City announced that it will implement its card fee support program early for local tenant small business owners with annual sales of less than 300 million KRW.
The eligibility criteria have been significantly relaxed from the original standard of less than 100 million KRW in annual sales to less than 300 million KRW, taking into account the rapidly deteriorating economic situation. The target group is local tenant small business owners in the city with annual sales of less than 300 million KRW in 2024.
Applications can be submitted in person at the administrative welfare centers in the townships and neighborhoods where the business is located until the 31st. After verifying eligibility, the city plans to provide up to 300,000 KRW in Naju Love Gift Certificates, equivalent to 0.5% of the previous year's card sales. Applications for the Small Business Resident Income Loan Support Program have also been accepted at the local administrative offices since the 4th.
Under the loan support program, each individual can receive up to 50 million KRW (or up to 100 million KRW for young small business owners) at a fixed annual interest rate of 1%, with a two-year grace period and repayment in equal installments over four years. Additionally, the Small Business Interest Subsidy Support Program, which covers the interest difference of 2-3% per year to help stabilize small business management, is currently being accepted by the Jeonnam Credit Guarantee Foundation.
The application period for the public utility fee support program for restaurant small business owners, which Naju City is promoting as part of its comprehensive measures for the local economy, has also been extended until the 14th. Applications can be submitted at the administrative welfare centers in the townships and neighborhoods where the restaurants are located, and eligible restaurants will receive 300,000 KRW in Naju Love Gift Certificates.
Mayor Yoon Byungtae of Naju stated, "If the commercial community, including small business owners and self-employed individuals, collapses, it will cause inconvenience to consumers, decrease the population, and result in the loss of the city's competitiveness. Following the first-ever payment of 100,000 KRW in livelihood economic recovery support funds by a city or local government in the province, we will continue to provide timely support for small business owners to create a breakthrough in overcoming the economic downturn."
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