Jeonnam Province Provides Emergency Support of 36 Billion Won for Small Business Owners' Daily Recovery

Small Business Owners with Annual Sales Under 1 Billion KRW to Receive 300,000 KRW Each... Applications Open from the 23rd

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province will provide a 36 billion KRW-scale ‘Small Business Daily Recovery Support Fund’ to help small business owners who have suffered direct and indirect damage from COVID-19 quickly return to normal life.

Jeonnam Governor Kim Young-rok mentioned the support fund prepared to comfort small business owners who have not been sufficiently compensated by government support despite complying with COVID-19 quarantine measures on the 18th.

Governor Kim said, “Even in the prolonged situation of COVID-19, the reason Jeonnam had fewer confirmed cases compared to other cities and provinces was due to the efforts of small business owners who quietly complied with quarantine measures despite difficult circumstances.”

He added, “Although the support and compensation provided by the government and Jeonnam Province cannot fully cover the economic damage so far, I hope that the daily recovery support fund prepared this time will be a driving force to move forward.”

The support fund targets 120,000 small business establishments in Jeonnam with annual sales of 1 billion KRW or less that opened before June 30 of this year.

Each business will receive 300,000 KRW in cash. However, manufacturing businesses must have fewer than 10 employees, and lodging and food service businesses must have fewer than 5 employees to meet the small business criteria.

This support fund is expected to serve as a catalyst for daily recovery by being used for small business owners’ public utility bills such as electricity and telecommunications, rent, delivery and card fees, and other expenses.

Jeonnam Province simplified the application process and documents by consulting with the Ministry of SMEs and Startups and city and county governments, utilizing government support fund database data to ensure accurate and prompt payment.

Applications will be accepted from the 23rd of this month to December 23. Applications can be submitted at the town, township, and neighborhood offices of each city and county where the business is located. Detailed information can be found in the announcement to be posted on the Jeonnam Province website on the 22nd.

The province plans to promptly process the documents received daily through city and county offices from the town, township, and neighborhood community centers and complete payments by December.

Prior to this, Jeonnam Province provided a total of 23.6 billion KRW in livelihood support funds to about 40,000 small business owners in four rounds from September last year to September this year, including bathhouses, saunas, traditional markets, street vendors, and rural lodging businesses.

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