Support for Vacant Store Rent and Loan Interest Subsidies
Damyang County is accelerating the implementation of support policies to stabilize the livelihoods of small business owners in order to revive the frozen local economy. Photo by Damyang County
Damyang County in Jeollanam-do is actively implementing 'livelihood stabilization' policy support for small business owners who are facing management difficulties due to the economic downturn and reduced consumer spending.
According to the county on the 7th, several initiatives are being promoted to support small business owners, including vacant store rent support, loan interest subsidy programs, and disaster insurance premium support.
The vacant store rent support program provides up to 3 million KRW per year for up to one year to individual small business owners who move into registered vacant stores within the county. Eligible applicants are prospective or early-stage entrepreneurs moving into vacant stores in the area, and applications along with required documents can be submitted to the local town or township office by the 26th.
The loan interest subsidy program supports interest payments for small business owners who take out loans from local financial institutions for business improvement, small-scale facility upgrades, management consulting, or advanced distribution technology training. Up to 3% annual interest and a maximum of 2 million KRW per year can be subsidized.
The disaster insurance premium support program provides an additional 10% subsidy from the county budget (on top of the existing 70% support) to small business owners operating in the county who enroll in disaster insurance, covering up to 80% of the insurance premium. Eligible applicants are those currently operating businesses within the county, and after applying to the insurance company and paying their share of the premium, the subsidy will be paid in a lump sum at the end of the year upon verification of enrollment.
In addition, the county plans to continue various support policies for small business owners, such as public utility fee support for restaurant businesses (with the application period extended until mid-month), nighttime electricity bill support for commercial district revitalization, and Yellow Umbrella Mutual Aid subscription incentives.
Jeong Gwangseon, acting county governor, stated, "We will do our best to implement policies for small business owners who are struggling due to the prolonged economic downturn," adding, "We hope these efforts will help stabilize the management of small business owners who are working hard for the local economy despite difficult conditions."
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