Ministry of SMEs Supports Policy Funds for Good Landlords and Conducts Free Electrical Safety Inspections
[Asia Economy Reporter Moon Hyewon] The Ministry of SMEs and Startups announced on the 9th that it will provide policy funds support and free electrical safety inspections to landlords who voluntarily reduced rent (hereinafter referred to as ‘Good Landlords’) to help small business owners struggling due to the novel coronavirus infection (COVID-19).
This measure is part of the ‘Small Business Rent Burden Relief Plan’ announced on the 12th of last month, aimed at encouraging voluntary participation from the private sector and spreading a culture of coexistence through support for Good Landlords.
The Ministry will also temporarily allow landlords (real estate businesses), who are currently excluded from small business policy fund support, to receive small business management stabilization loans if they are confirmed as Good Landlords. The loan interest rate is 1.97%, the loan period is 5 years (including a 2-year grace period), and the loan limit is 70 million KRW.
Eligible applicants include those who reduce rent by 10% or more for one month to tenant small business owners from January this year to June next year, those eligible for property tax reductions due to rent reductions, and Good Landlords recognized by local government heads.
Applications can be submitted through the Small Enterprise and Market Service regional centers from the 10th of this month until the end of June next year.
Additionally, the Ministry will cooperate with the Korea Electrical Safety Corporation to conduct free electrical safety inspections on 5,000 stores owned by Good Landlords.
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Applications can be made by visiting one of the 13 regional Small and Medium Venture Business Offices from the 10th of this month until the end of June next year. Once confirmed as a Good Landlord, the Korea Electrical Safety Corporation will coordinate inspection schedules with business owners and conduct inspections from this month through December next year.
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