Goheung County Raises Support Fund for Youth Business Succession

Up to 25 Million Won in Support Per Young Successor

Goheung County in South Jeolla Province (Governor Gong Youngmin) announced on January 19 that it will increase the support fund for the ‘Youth Business Succession Support Project’ from 22 million won to 25 million won (including a 10% self-contribution), and will be accepting applications for project participants until February 13.

The Youth Business Succession Support Project targets young people who have inherited their (grand)parents’ agricultural, fisheries, livestock, or small business operations. The project aims to alleviate the burden of facility investment and management that arises in the early stages of business succession and to ensure the continuity of local industries.

Exterior view of Goheung County Office.

This increase in the support fund reflects recent changes in business conditions, such as rising raw material prices and higher costs for facility and equipment construction, and takes into account the actual needs of young business successors. The funds can be used for the installation or renovation of agricultural, fisheries, or livestock facilities, improvements to facilities applying information and communications technology (ICT) convergence, and remodeling costs for outdated store interiors.

Eligible applicants are young people aged between 18 and 49 whose resident registration addresses, as well as those of their (grand)parents, are in Goheung County, and who have inherited their (grand)parents’ agricultural, fisheries, livestock, or small business within the past five years.

Project participants will be selected through a first-stage document review, a second-stage on-site inspection of the business location, and a final evaluation by a review committee composed of experts in each field.

Youth wishing to participate in the project can apply by visiting the township or town office where their business is located. For more details, please refer to the notices and announcements posted on the official Goheung County website.

An official from the county’s Population Policy Office stated, “Business succession is a crucial process for maintaining local industries and jobs,” and added, “We will continue to strengthen practical support so that young people can stably carry on family businesses, and will keep developing and promoting policies that meet the expectations of the younger generation.”