From Chuseok Economic Recovery to Year-End Consumption Boost
Expectations for Revitalizing the Local Economy
Payment Fee Support for Samcheok Sarang Card Merchants
Samcheok City in Gangwon Province announced on September 1 that, from September to December, it will increase the monthly purchase limit for the Samcheok Sarang Card (local currency) to 1 million won and raise the incentive rate to up to 15%.
As a result, citizens can purchase up to 1 million won per month and receive an economic benefit of up to 150,000 won through the incentive program.
The city plans to actively boost consumer demand through this incentive increase by revitalizing local businesses during the autumn tourism season, stimulating year-end and New Year consumption, and helping the local economy recover from the winter slowdown. In particular, this measure is expected to provide a tangible increase in sales for local small business owners who are struggling due to economic downturn and high inflation, while offering citizens an opportunity to reduce living expenses and contribute to the virtuous cycle of the local economy.
The policy is also expected to yield various outcomes, such as promoting consumption centered on traditional markets and neighborhood businesses, alleviating household financial burdens, and enhancing the vitality of the local economy at year-end.
A city official stated, "This increase in Samcheok Sarang Card benefits will not only help the economy recover during Chuseok but also invigorate the local economy through the end of the year," adding, "We hope many citizens will actively use the local currency and join in spreading a culture of mutually beneficial consumption with local businesses."
Samcheok City to Support Samcheok Sarang Card Payment Fees Up to 0.25% for Affiliated Merchants
Samcheok City is implementing the 'Samcheok Sarang Card Payment Fee Support Project' to reduce the burden on small business owners struggling due to the economic downturn, expand the number of affiliated merchants, and boost sales through increased local spending.
The support is available to small business owners affiliated with the Samcheok Sarang Card whose annual sales are 500 million won or less. The city will subsidize card payment fees up to 0.25% of the previous year's Samcheok Sarang Card sales. Applications are open from September 1 to November 21.
Businesses wishing to apply should prepare the required documents and submit them to the administrative welfare center in the town, township, or neighborhood where the representative's address is registered. Detailed information can be found in the notices section of the Samcheok City Hall website.
A city official commented, "We hope this project will serve as a catalyst for stabilizing small business operations, and we will continue to invigorate the local economy through various support programs in the future."
Meanwhile, the city supported 563 businesses during the first implementation of the program last year, and in the first half of this year, 456 businesses received a total of 340 million won in support during the first round of the project.
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