Gyeongnam Province Provides 'Hope Recovery Fund' to Over 120,000 Small Business Owners

[Asia Economy Yeongnam Reporting Headquarters Reporter Woo Jong-wook] Gyeongsangnam-do announced on the 16th that it will provide the 5th disaster relief fund, 'Hope Recovery Fund,' to approximately 120,000 small businesses and small business owners who faced business restrictions due to the novel coronavirus infection (COVID-19).

The Hope Recovery Fund is for small businesses and small business owners who complied with gathering bans or business restrictions between August 16 of last year and July 6 of this year. The amount ranges from a minimum of 400,000 won to a maximum of 20 million won.

Payments are differentiated based on 6 weeks for gathering bans and 13 weeks for business restrictions. According to Gyeongnam Province, the fund is classified into 32 types based on the level and duration of quarantine measures and sales scale to provide broad and substantial support.

The number of business sectors in crisis receiving the Hope Recovery Fund is 277, which is 165 more than the 112 sectors covered by the Buffer Fund Plus. Newly added sectors include taxi transportation, household laundry services, portrait and event video shooting services, among others.

Businesses belonging to crisis sectors with decreased sales will receive between 400,000 and 4 million won depending on the sales decrease amount by sector and the scale of business sales.

Applications for the support fund are made through the Hope Recovery Fund website. For the first two days (17th-18th), applications will be operated on an odd-even basis according to the last digit of the business registration number.

Kim Hyun-mi, head of the Small Business Policy Division of the province, said, "This Hope Recovery Fund reflects strengthened or separately applied quarantine measures by city and county, allowing differentiated payments according to the extent of damage. We will ensure that benefits are delivered quickly and thoroughly and actively guide so that no small business owner is left out."

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