Find the Best Good Price Businesses... North Gyeongsang Province to Provide 5 Million Won Each to 25 Locations

North Gyeongsang Province announced on July 25 that it will implement the “Good Price Business Management Environment Improvement Support Project,” which provides up to 5 million won in support to businesses recognized as Good Price Businesses that contribute to price stabilization and have a positive influence in the local community.

North Gyeongsang Province will accept applications from cities and counties until August 7, aiming to improve the environment of each business through tailored support and enhance their competitiveness.

Gyeongbuk Provincial Government Building

A Good Price Business is a business that has been recognized since 2011 by the government and local authorities for contributing to price stabilization. These include personal service businesses such as restaurants, beauty salons, and laundries that meet standards in price, hygiene and cleanliness, quality of service, and public interest, and serve as exemplary businesses in their respective industries. Currently, there are 672 such businesses operating in the province.

Currently, incentives worth 850,000 won per business, such as goods and public utility fee support, are being provided. The province plans to discover and support new businesses, aiming to designate a total of 809 Good Price Businesses by the end of this year.

This management environment improvement support project will select 25 of the best Good Price Businesses recommended by cities and counties, considering factors such as the length of designation, excellence, need for support, and growth potential. Each selected business will receive support tailored to their needs, including improvements to interior design, safety facilities, kiosks, and other desired areas.

Lee Jaehun, Director of the Economic and Trade Bureau, stated, "Through improving the management environment, we will further strengthen the competitiveness of Good Price Businesses that contribute to local price stabilization, and we will also prepare various support measures to reduce the management burden on small business owners and stabilize the local economy."

Meanwhile, North Gyeongsang Province received a special grant of 300 million won after being awarded an “Excellent Grade” in the Ministry of the Interior and Safety’s “Local Price Stabilization Management” evaluation, thanks to proactive measures such as stable management of local public utility fees, efforts to stabilize local prices, and support for the activation of Good Price Businesses.

In particular, this Good Price Business management environment improvement support project is especially meaningful as it is the first project in which the province is using part of the special grant to directly support Good Price Businesses.