Ministry of SMEs Extends 'Good Landlord' Incentives Until December

Small Business Management Stabilization Fund Loans, Free Electrical Safety Inspection Benefits
Additional Points Awarded in Government Programs... Exemplary Cases Selected for Ministerial Commendation

'Thank you, Building Owner'
(Incheon=Yonhap News) Reporter Jinwook Lee = On the afternoon of December 16 last year, a store owner hung a banner saying 'Thank You, Landlord' in front of a restaurant in Cheongna-dong, Seo-gu, Incheon. Store owner Minsoo Yoo said, "Since the early days of COVID-19, the landlord has reduced the rent, so I made the banner to express my gratitude," adding, "The restaurant is also lowering prices considering the economic downturn."
Meanwhile, the Democratic Party of Korea has also initiated public discussions on 'Fair Rent' to reduce the rent burden on self-employed business owners. After President Moon Jae-in pointed out, "It is very painful to ask whether it is fair to bear the full burden of rent when business operations are restricted," legislative measures were promptly announced. 2020.12.16
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[Asia Economy Reporter Lee Junhyung] The Ministry of SMEs and Startups announced on the 27th that it will extend the incentives granted to kind landlords until the end of this year to promote a culture of coexistence between landlords and tenants. A kind landlord refers to a landlord who voluntarily reduced rent to help small business owners struggling due to COVID-19.

The incentives being extended include small business management stabilization fund loans and free electrical safety inspection benefits. First, the Ministry of SMEs and Startups will extend the small business management stabilization fund loans for kind landlords until December this year. Leasing businesses are originally not eligible for small business policy fund support. However, kind landlords can receive low-interest loans at 2.33% through the Small Enterprise and Market Service regional centers until December. The loan limit is 70 million KRW.

The free electrical safety inspection benefit for stores owned by kind landlords will also be extended until December. When landlords apply for inspections through the local Small and Medium Venture Business Administration, the Korea Electrical Safety Corporation visits the site to conduct safety inspections.

Additionally, kind landlords can receive extra points when applying for government support projects. The Ministry of SMEs and Startups plans to grant additional points to kind landlords in the '2022 Traditional Market and Shopping District Support Project,' which will be announced next month.

The Ministry of SMEs and Startups will also select exemplary kind landlords and award them the Minister’s Commendation. Eligible applicants are landlords who have reduced rent by an average of 10% or more for at least three months. The application period is from the 28th to the 25th of next month. The Ministry will comprehensively consider the rent reduction period and the positive impact on the surrounding commercial area to select commendation recipients by August this year.

Park Chihyung, Director of Small Business Policy at the Ministry of SMEs and Startups, said, "The kind landlord movement, which started voluntarily, is a case of win-win cooperation where landlords and tenants share the pain caused by COVID-19. We will continue to seek support measures to help this movement thrive."

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