Strong Chungnam to Invest 100.1 Billion Won in Small Businesses and Neighborhood Commercial Districts This Year

Expanded All-Around Support for Employment Insurance, Pension, Fire Insurance, Policy Funds, and Delivery Fees

Chungnam Province will provide support totaling 100.1 billion won this year to help small business owners and traditional markets who have been pushed to the brink by prolonged high inflation and high interest rates.

This policy reflects Governor Kim Tae-heum’s directive to revitalize the local economy, and includes measures ranging from strengthening the social safety net to providing funding, insurance, delivery fee support, and commercial district revitalization.

On January 14, Chungnam Province announced that it will invest a total of 100.1 billion won in 33 projects targeting small business owners, traditional markets, and neighborhood commercial districts this year, with the aim of stabilizing management, overcoming crises, and enhancing competitiveness.

This is a follow-up measure to the “Revitalizing the Local Economy” strategy discussed at the major work plan briefing presided over by Governor Kim on January 7.

To reduce the burden of fixed costs, the province will expand employment insurance support to include single-person self-employed business owners who had previously been excluded from government assistance, and will provide an additional 20-50% subsidy for the portion of insurance premiums not covered by the government.

Support for the national pension will also shift from an application-based system to an individual notification system, reducing blind spots. The incentive for the Yellow Umbrella Mutual Aid Fund, which serves as a safety net for business closure and old age, has been tripled to 30,000 won per month (360,000 won per year).

Fire insurance support will be expanded from traditional markets to all small business owners, with the subsidy rate increased to 80% and the coverage limit raised to 240,000 won.

Financial support will also be strengthened, with policy funds offering an annual interest subsidy of 1.5% now available up to 150 million won per business. Consultations and applications can be made at the 71 “Strong Chungnam Financial Support Centers” established throughout the province.

To help revitalize commercial districts, the new “Neighborhood Commercial District RISE Project” will be introduced. Three to five districts will be selected, with up to 5 billion won provided to each, aiming to promote merchant-led district regeneration and urban vitality at the same time.

For small business owners who have closed or suspended their businesses, up to 8 million won in restart funds will be provided to support their recovery, and the number of credit recovery consultations will be increased to 1,500 cases.

The convenience of using traditional markets and neighborhood commercial districts will also be greatly improved. This year, six new traditional market parking lots will be completed, adding 791 parking spaces, and one additional lot (117 spaces) will be newly constructed.

Wages for market and delivery managers will be subsidized to improve operational expertise, and “Good Price Stores” will receive up to 10 million won each for facility improvements such as signage and interior upgrades. The number of subsidized deliveries through the cooperative delivery app will be increased to 330,000 cases, with a 2,000 won subsidy per delivery.

A provincial official stated, “This is a comprehensive package to stabilize the local economy, from overcoming crises and making a comeback to securing sustainable competitiveness,” adding, “We will continue to expand policies that can be felt in the field.”