Gyeongbuk Province Finalizes Selection of 664 Young Small Business Owners for Rent Support

Selected 164 More Than Initially Planned... Total Support of 2 Billion KRW Provided

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongbuk Province announced on the 8th that it has finalized the selection of recipients for the 'Gyeongbuk Youth Small Business Rent Support Project,' which has been implemented since June this year to alleviate the rent burden of local young small business owners.

A total of 1,410 local young small business owners applied for this project, and among them, 664 were selected as recipients.

This project was promoted to support local young small business owners aged 19 to 39 using donations raised through the 'Provincial Neighbor Love Sharing Campaign,' which is being carried out by the Gyeongbuk Community Chest of Korea as part of efforts to revive the livelihood economy and practice sharing.

Initially, after document verification by the small business departments of cities and counties, up to 300 million KRW per store was planned to be provided to a total of 500 recipients prioritized by criteria such as multi-child families and low-income individuals.

However, considering the worsening management crisis of small business owners due to the resurgence of COVID-19, Gyeongbuk Province explained that the policy was changed in consultation with the Community Chest to support all qualified young small business owners.

Accordingly, the number of recipients was increased by 164 from the initial plan of 500 to 664, and the total budget was finalized at 2 billion KRW. By region, Pohang had the highest number with 131 recipients, while Yeongyang and Cheongdo counties had the fewest with one recipient each.

The support funds will be directly paid to the bank accounts of the 664 selected young small business owners by the Community Chest before the Chuseok peak season.

Governor Cheol-woo Lee stated, "I hope this support project, the first of its kind in Gyeongbuk, will be a small but significant help to young small business owners struggling due to the economic downturn," and added, "We will continue to do our best to expand the foundation for self-reliance so that young small business owners in the province do not leave Gyeongbuk and can maintain a stable startup environment."

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