KAMCO "Apply for Rent Reduction"... 500 People Gather in Ten Days

[Asia Economy Reporter Kwon Haeyoung] Korea Asset Management Corporation (KAMCO) announced on the 14th that as of the 10th, 500 applicants have applied for rent reduction, which has been accepted since this month in line with the government's policy to ease the rent burden on small business owners using state-owned property.

According to KAMCO, the total requested amount has exceeded approximately 1.3 billion KRW, and there have been cases where small business owners received benefits of up to 20 million KRW. This state-owned property rent reduction policy is expected to provide practical help for small business owners struggling with business downturns and sharp sales declines due to the novel coronavirus infection (COVID-19).

A, who operates a recycling waste resource business in Daegu Metropolitan City, said, "Recently, due to a decrease in durable goods transactions, the number of customers visiting the store has dropped by more than half, but with this rent reduction application, I was able to receive a total discount of 20 million KRW, which greatly helped my business." B, who runs a heavy equipment rental business, also expressed gratitude, saying, "Due to COVID-19, many construction sites have stopped work, causing a sharp drop in sales and making it difficult to pay employee salaries, but through this policy, I received a rent reduction of 14 million KRW and was able to take a breather."

Through the state-owned property rent reduction system implemented from this month until the end of the year, KAMCO is lowering the rent rate from the existing 2.5~5% to 1% for small business owners operating using state-owned property. The plan is to provide rent reduction benefits to as many small business owners as possible by the end of the year.

KAMCO is actively promoting the policy by sending notification messages (texts) and mail to a total of 18,000 loan customers and distributing informational posters in collaboration with local governments nationwide to ensure more small business owners can benefit. Additionally, a prize event called 'Lower Loan Fees, COVID Out' is being held for small business owners applying for rent reduction in April.

Hong Young, head of KAMCO's State-Owned Property Headquarters, said, "We hope this state-owned property rent reduction policy will provide practical help in easing the management burden of small business owners and laying the foundation for damage recovery," and urged, "We ask small business owners facing difficulties during the system operation period to actively apply to receive many benefits."

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