Suncheon City to Reduce Public Property Rent for Small Businesses and SMEs

5% to 1% Until Year-End
"Kickstarting Economic Recovery and Mutual Growth"

Exterior view of Suncheon City Hall.

On October 14, Suncheon City in South Jeolla Province announced that it will temporarily reduce rent for city-owned public properties for small business owners and small and medium-sized enterprises (SMEs) struggling due to the economic downturn.

This policy follows the amendment to the Enforcement Decree of the Public Property and Goods Management Act in September, and will lower the rental rate for public properties from the previous 5% to 1%.

The main beneficiaries are small business owners and SMEs renting public properties owned by Suncheon City. The support period for rent reduction covers January to December of this year. In addition to current tenants, those whose leases have ended or who are scheduled to use the properties are also eligible for refunds or reductions through an application process.

Meanwhile, rent payments that are due during this period can be deferred for up to one year, and if rent is overdue, 50% of the late fee will be reduced.

Small business owners and SMEs wishing to receive the rent reduction must submit an application, along with a certificate of small business or SME status, to the department in charge of lease contracts or usage permits by the end of November this year.

A city official stated, "We hope this rent reduction policy will provide some relief to small business owners and SMEs facing difficulties due to the economic downturn, and we will strive to make a tangible contribution to the local economy."