Gwangyang-si Launches Support for Small Business Owners' Aging Facility Improvements

Up to 3 Million Won per Company, Total Support of 200 Million Won, Expected to Strengthen Business Competitiveness

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City, Jeonnam announced on the 8th that it will promote the ‘2022 Small Business Facility Improvement Support Project’ with a total budget of 200 million KRW to strengthen the business competitiveness of small business owners struggling due to the spread of COVID-19 and to revitalize the local economy.

This project supports the improvement and repair of aging buildings and facilities, and equipment replacement costs (such as signboards, awnings, interiors, display fixtures, hygiene management devices, sinks, etc.). It provides subsidies up to 3 million KRW, which is 80% of the total project cost, while the remaining 20% and value-added tax are borne by the applicant.

Eligible applicants are store-type small business owners who have been registered residents in Gwangyang City for more than one year as of the announcement date (February 4, 2022) and have been operating their business in the region for more than one year.

However, businesses with overdue local taxes, businesses in excluded industries such as gambling, entertainment, and nightlife, businesses that are temporarily closed or out of business, businesses that have already received support for the same project, and tenant businesses that have not obtained consent from the building owner of the business site are excluded from eligibility.

Those wishing to participate must visit the Regional Economy Division on the 3rd floor of Gwangyang City Hall by February 25 to apply. Applicants will be selected based on evaluation of business operation period, annual sales, and other criteria, and the results will be individually notified in March.

Meanwhile, last year, the city supported 33 locations with 129 million KRW through the Small Business Facility Improvement Support Project. This year, the support amount per company was lowered from 5 million KRW to 3 million KRW to allow more small business owners to receive support.

Lee Hwa-yeop, head of the Regional Economy Division, said, “We hope that the facility improvement support project will be of some help to local small business owners who are going through a difficult time due to the prolonged COVID-19 pandemic. We will continue to actively promote various policies to restore Gwangyang’s neighborhood commercial districts and revitalize the local economy.”

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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