Gwangsan-gu, Gwangju, First in the Region to Support 'Boss Vitality Subsidy'

Cash Payment of 300,000 Won for Small Business Owners with Annual Sales Under 100 Million Won

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangsan-gu, Gwangju Metropolitan City (District Mayor Kim Samho) announced on the 8th that it will provide 300,000 KRW per business as a ‘Boss Vitality Support Fund’ for small business owners facing financial difficulties due to COVID-19, the first such initiative in the region.

To this end, the district conducted a survey on self-employed sales status last March.

The survey revealed that 93% of self-employed individuals experienced a decrease in sales after the spread of COVID-19, with the decline reaching 48%.

Additionally, self-employed respondents expressed that they hoped for direct financial support from the government and local authorities for operating funds and rent.

In response to these appeals, Gwangsan-gu plans to support about 12,500 businesses, which is 46% of the approximately 27,165 small business establishments in the district.

The support targets are small business owners with annual sales of 100 million KRW or less last year, who operate their businesses with their registered address in Gwangsan-gu.

The 3.8 billion KRW budget required for this support will come from the VAT refund from Gwangsan CC, which was recovered after winning a lawsuit against the National Tax Service, and from budget savings.

Applications for the support fund can be made both online and in person. Online applications are accepted on the Gwangsan-gu website until the 30th of this month.

In-person applications will be accepted from the 15th to the 30th at six regional hubs: Pyeongdong Corporate Support On-site Civil Service Office, Eoryong-dong (Foundation) Together Gwangsan Sharing Culture Foundation, Unnam-dong Deureuroak Gwangsan-gu Senior Welfare Center, Cheomdan 1-dong Gwangsan-gu Youth Training Center, Songjeong 1-dong Gwangsan Culture and Arts Center, and Suwan-dong Jangdeok Library. A five-day rotation system based on the last digit of the business owner’s birth year will be implemented.

Meanwhile, the Gwangsan-gu Boss Vitality Support Fund can be received separately from the government’s emergency disaster relief fund and Gwangju City’s household emergency living expenses, but it cannot be received concurrently with Gwangju City’s special employment emergency living expenses.

For more details about the Boss Vitality Support Fund, please visit the Gwangsan-gu website.

Kim Samho, Mayor of Gwangsan-gu, said, “Most small business owners have been struggling with management difficulties due to COVID-19, and many have even considered closing their businesses. We hope this ‘Boss Vitality Support Fund’ will serve as a catalyst for revitalizing the local economy, which has been stagnant.”

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