Daejeon City Invests 117.3 Billion Won to Support Small Business Owners and Self-Employed Workers

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 15th that it will invest 117.3 billion KRW this year in customized projects for local small business owners and self-employed individuals to alleviate their financial difficulties and support management stability.

The main projects include ▲ management improvement funds and credit guarantee fee support ▲ operation of the Self-Employed Doctor System ▲ labor cost support for single-person micro self-employed businesses ▲ employment insurance premium support for single-person self-employed individuals ▲ Yellow Umbrella Mutual Aid support ▲ startup and management improvement education, among others.

Among these, the ‘Small Business Management Improvement Fund Support Project’ will have a total budget of 114 billion KRW, allowing each business to receive up to ,000 million KRW and receive a 2% interest subsidy on loans for two years.

Additionally, if a credit guarantee foundation guarantee certificate is used as collateral, the city explains that 25% of the credit guarantee fee payable over two years will be supported, enabling affordable use of credit guarantee collateral. Small business owners seeking to finance through credit guarantee collateral can apply through bank branches that have signed a one-stop (One-Stop) agreement. Applications for first-quarter support will begin on the 16th.

The ‘Self-Employed Doctor System’ is designed to provide consulting from experts and facility improvement funds to small business owners facing management difficulties, with a budget of 950 million KRW allocated this year. Support will begin after recruiting participating businesses from March and will be implemented from June onwards.

The ‘Labor Cost Support for Single-Person Micro Self-Employed’ project provides 500,000 KRW per month, totaling 3 million KRW, when employing workers aged 50 or older continuously for six months, with a budget of 950 million KRW this year.

In addition, the city plans to allocate 25 million KRW to ‘Small Business Startup and Management Improvement,’ which supports startup information and management technique education for local prospective entrepreneurs.

Each project is carried out by institutions that have signed business agreements with the city. For example, the Small Business Management Improvement Fund Support is conducted through the Daejeon Credit Guarantee Foundation, Yellow Umbrella Mutual Aid support is handled by the Korea Federation of SMEs, and other projects are managed by the Daejeon Economic and Trade Promotion Agency.

This content was produced with the assistance of AI translation services.