Sogongyeon to Provide 1 Million Won Each in Living Stability Funds to 450 Small Business Owners... Applications Open Today

Woori Financial Group Donates 500 Million KRW
Support Targets Are Seonhan Store and Small Business Owners
Applications Accepted Until the 30th... Lump Sum Payment at the End of December

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of Small and Medium Business (KSMB) announced on the 22nd that, together with Woori Financial Group and the Community Chest of Korea (Sarangui Yeolmae), it has begun accepting applications for the "Good Store Living Stability Fund Support Project" to assist small business owners affected by COVID-19.

With 500 million KRW designated and donated by Woori Financial Group to KSMB through Sarangui Yeolmae, the fund will be distributed to a total of 450 small business owners, divided into 100 Good Stores and 350 micro small business owners, each receiving 1 million KRW in living stability funds.

Priority support will be given to small business owners with a history of good deeds such as sharing, donations, and volunteering. In particular, the 100 Good Store businesses will receive promotional support for their stores and businesses through various Woori Financial Group publicity channels.

The support targets small business owners nationwide (with fewer than 5 regular employees, or fewer than 10 employees in manufacturing, mining, construction, and transportation industries), limited to those maintaining their business at leased premises. There are no restrictions on financial assets or liabilities, but entertainment, gambling industries, and professional occupations are excluded.

For the Good Store support sector, businesses with records of sharing, volunteering, or donation activities since January 2020 are eligible. For the micro small business support sector, applicants must have operated their business since before January 1, 2019, have had income below 30% of the median income last year, and meet the condition of having a family of three or more members based on resident registration.

Required documents include business registration certificate, lease contract, confirmation of enrollment in the four major social insurances, and sales verification documents. Applicants for the Good Store sector must also submit evidence of sharing, volunteering, or donation activities such as volunteer certificates or donation receipts.

Applications will be accepted through the KSMB blog and other channels until the 30th. Submitted documents will be reviewed, and 1 million KRW in living stability funds will be distributed uniformly by the end of December.

Oh Se-hee, president of the Korea Federation of Small and Medium Business, stated, "Despite difficulties, we will actively discover and support small business owners who demonstrate positive influence across the country, aiming to enhance the resilience of small business owners in the With-Corona era," highlighting the significance of the project.

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