Gochang-gun Injects 4.9 Billion Won Emergency Support for Small Business Owners

Published 04 Aug.2022 09:59(KST)

[Gochang=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Gochang-gun, Jeonbuk, is promoting various support projects for small business owners struggling due to COVID-19.

On the 4th, according to the county, 4.9 billion KRW will be intensively supported for 'small business support,' including loan support, issuance of local currency, subscription to mutual aid, and card fee support.

The Gochang Love Gift Certificate, which has received great responses from both residents and local merchants, will be issued at around 39.8 billion KRW this year.

With the budget secured in this supplementary budget, the issuance amount is expected to increase when disaster relief funds are paid to all residents.

In particular, since the average exchange rate of the gift certificates reaches 90%, it is analyzed that the virtuous cycle effect of local funds that had leaked out to other regions is significant.

Revitalization of traditional markets (354.58 million KRW) will also be promoted. Facilities renovation, shopping assistants, fire mutual aid, safety inspections and disinfection, and cultural events will be intensively supported in six markets within Gochang (Gochang-eup, Sangha, Haeri, Mujang, Daesan, Heungdeok).

Additionally, policy funds for local small business owners who are deeply worried due to the prolonged economic recession will be prepared. The county has allocated about 1.08 billion KRW for small business expenses.

Operating fund loans, customized goods support for good price stores, small business card fees, Yellow Umbrella Mutual Aid support, and Small Business Day events are revitalizing the local economy that has been shrinking.

The operating fund loan selects recipients quarterly and provides loans up to 30 million KRW, with a one-year grace period and repayment over two years, supporting interest rates within 4%, greatly helping small business owners.

By the end of June, 125 people had executed loans totaling 31.726 billion KRW, and with an additional 200 million KRW from the fund and 200 million KRW from contributions secured in the second supplementary budget, recipients will be recruited in the fourth quarter as well.

County Governor Shim Deokseop said, “We will prepare various support measures for small business owners who have overcome the difficult situation of COVID-19 over the past two years to provide practical help to residents and self-employed people,” and added, “We will strive to further revitalize the local economy.”