Lotte Tour Development Supports Jeju Small Business Owners Affected by 'COVID-19'

[Asia Economy Reporter Choi Dong-hyun] Lotte Tour Development has rolled up its sleeves to help small business owners in Jeju overcome the crisis caused by COVID-19.

On the morning of the 12th, Lotte Tour Development announced that it signed a business agreement at the Jeju Credit Guarantee Foundation meeting room in Nohyeong-dong, Jeju, to support financing for small businesses and small business owners in the province, and decided to contribute a special fund of 200 million KRW. In addition to Lotte Tour Development, KB Kookmin Bank, Shinhan Bank, Woori Bank, and Hana Bank also participated, each contributing 200 million KRW, raising a total special fund of 1 billion KRW.

The Jeju Credit Guarantee Foundation plans to provide guarantee support worth 15 times the special fund, amounting to 15 billion KRW, targeting small businesses and small business owners in the province who have been directly or indirectly affected by the spread of COVID-19.

This support, provided through a 100% full guarantee method up to 30 million KRW, will benefit 500 small businesses and small business owners in Jeju.

Jeju’s economy, mainly composed of small business owners and self-employed individuals, has been hit hard as the number of tourists has nearly halved due to the economic downturn followed by the temporary suspension of visa-free entry amid concerns over the spread of COVID-19.

Kim Ki-byeong, Chairman of Lotte Tour Development, stated, “Through the Jeju Dream Tower Complex Resort, we plan to fulfill our role as a leading local company that creates 3,100 high-quality jobs and pays the most taxes.” He added, “We will also do our best to promote coexistence with small business owners in the province through this special fund business agreement.”

Meanwhile, ahead of the completion of the Jeju Dream Tower Complex Resort in March, Lotte Tour Development recruited 270 experienced managers at the end of last year and is currently publicly recruiting 2,700 new and junior-level experienced employees.

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