Mokpo City Provides 500,000 Won Support for Small Business Owners' Daily Recovery

After the supplementary budget bill passes the council, applications are accepted at the local administrative welfare centers in the business locations

Mokpo Mayor Kim Jong-sik announced through a statement that support funds for the daily recovery of small business owners will be provided. Photo by Mokpo City

[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] Mokpo City, Jeollanam-do announced on the 7th that it will provide daily recovery support funds for small business owners.

In a statement, the city said, "With operating hours restricted and consumer sentiment shrinking, small business owners and self-employed individuals are experiencing a sharp decline in sales, posing a significant threat to the local economy."

It added, "To comfort the suffering of small business owners and self-employed individuals, and in response to earnest requests for disaster relief funds from the Small Business Association, shopping districts, and traditional market merchant associations, we have decided to provide daily recovery support funds for small business owners."

To this end, the city discussed with the Mokpo City Council and requested a supplementary budget at this extraordinary session. Once approved, the daily recovery support funds will be paid in cash of 500,000 KRW per business.

The recipients are businesses registered before February 28, 2022, currently operating as of the application date, with regular employees classified as small business owners, and located in Mokpo City with sales of 1 billion KRW or less in 2021.

In cases operated by co-representatives, the funds will be paid to only one of the representatives.

▲ Businesses that have reported temporary closure or closure to the National Tax Service, ▲ gambling-related industries or professional fields such as lawyers, accountants, hospitals, pharmacies, and other specialized professions, financial and insurance-related industries excluded from small business policy fund loans, ▲ non-profit enterprises, organizations, corporations, and unincorporated associations are excluded from support.

Applications will be accepted at the administrative welfare centers in the business location, and payments will be made sequentially via bank transfer. Approximately 17,000 businesses are expected to qualify, with a total expenditure of 8.6 billion KRW (fully funded by the city). The city secured the funds through surplus funds, reductions in one-time and event-related operating expenses, and adjustments of unnecessary project expenses.

The city stated, "We hope that the daily recovery support funds will provide a small help to small business owners and self-employed individuals who have endured long-term hardships."

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