Wando County to Invest 900 Million Won This Year to Support Small Businesses... "All-Out Effort for Everyday Recovery"

Card Fee Support Expanded 33% from Last Year
Support for Delivery App Revitalization and Digital Devices

Wando County in South Jeolla Province announced on the 25th that it will invest a total of a little over 900 million won this year to support local small business owners who are struggling due to the prolonged economic downturn, high prices, and high interest rates.

First, the county has significantly expanded its support scale to ease the burden of fees stemming from the increasing share of card payments by consumers. Among the affiliated merchants of the Wando Love Gift Certificate, it will provide support for card fees of up to 400,000 won per business, a 33% increase from last year, targeting 600 businesses with annual sales of 500 million won or less.

Previously, it provided 112 million won to 517 businesses last year, and this year it has expanded the program by actively reflecting the projected demand. Businesses wishing to apply should submit their applications to the town or township office that has jurisdiction over their place of business.

The county is also working to reduce the actual financial costs borne by small business owners. It will contribute 205 million won to the Jeonnam Credit Guarantee Foundation and has allocated 360 million won to support interest on special guarantee loans and guarantee fees.

Through eight partner financial institutions, including NH Nonghyup Bank, businesses can take out loans of up to 50 million won, and the county will cover in full the annual interest of 3% and all guarantee fees for two years on their behalf, which is expected to ease liquidity constraints.

The county will also carry out various customized programs to promote management stability. It will support the revitalization and promotional costs of the Jeonnam public delivery app “Meokkkebi” and help with the purchase of digital devices such as POS (Point of Sale) systems.

In addition, when small business owners with annual sales of 300 million won or less enroll in the Yellow Umbrella mutual aid program, the county will provide 30,000 won per month for up to eight months. It also plans to newly establish a “Small Business Management Package” in connection with the Wando County Small Business Association to provide marketing and management consulting.

An official from the county said, “We will focus on ensuring that everything from applications for various subsidies to their disbursement is processed quickly,” adding, “We will provide on-site, hands-on support through consultation desks at town and township offices and at the Jeonnam Credit Guarantee Foundation.”