Gwanak District Accepts Applications for Ministry of SMEs and Startups' "Small Business Support Fund"

Support Fund for Small Businesses
Eligibility: Owners Who Started Before November 30, 2020 and Are Currently Operating
3 Million Won for Closure Orders, 2 Million Won for Operational Restrictions,
1 Million Won for General Businesses

[Asia Economy, Reporter Park Jongil] Gwanak District (District Mayor Park Junhee) announced that it will begin distributing the "Small Business Support Fund" implemented by the Ministry of SMEs and Startups starting January 11.

The "Small Business Support Fund" is a policy designed to support small business owners who have suffered losses due to strengthened social distancing measures, such as business closures and operational restrictions.

The total scale of this support fund is 4.1 trillion won, which will be provided to help small business owners reduce fixed costs such as rent and to offset decreased sales.

Eligible recipients are small business owners who started their businesses before November 30, 2020, and who, as a result of strengthened quarantine measures by the Central Disaster and Safety Countermeasures Headquarters and local governments after November 24, 2020, suffered losses due to business closures or operational restrictions, provided that their businesses are not temporarily or permanently closed at the time of application.

The amount of support is 3 million won for businesses subject to closure orders, 2 million won for those under operational restrictions, and 1 million won for other general businesses with annual sales of 400 million won or less and whose sales have declined compared to 2019.

In particular, outdoor winter sports facilities (including affiliated businesses) that were ordered to close due to the special year-end quarantine measures starting December 24, 2020, as well as lodging facilities that faced operational restrictions, are also included as eligible recipients. However, businesses that violated closure or operational restriction orders, certain professional occupations excluded from small business policy fund loans, and those eligible for income stabilization funds for vulnerable groups after January 2021 are excluded from this support.

Applications can be submitted online at 'supportfund.kr'. To ensure a smooth application process, applications will be accepted on an odd-even basis according to the last digit of the business registration number on January 11 and 12, and from January 13, applications can be submitted without any restrictions.

For more detailed information regarding the Small Business Support Fund, visit the Ministry of SMEs and Startups website or contact the Support Fund Call Center.

District Mayor Park Junhee stated, "With the prolonged COVID-19 situation, local small business owners are experiencing more difficult times than ever, and the Support Fund will be of great help." He added, "We will continue to actively develop and implement various policies to support the management stability of small businesses and revitalize the local commercial district."

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