Jeongeup-si Provides Stability Support Fund for Small Business Owners... Easing Management Burdens

Jeongeup City in Jeonbuk Province will provide the second round of small business stability support funds (worth 500,000 KRW) as a pledge project of the 8th local government to alleviate the management burden of small business owners struggling due to the economic downturn.

According to the city on the 26th, this support fund was prepared to help small business owners facing management difficulties due to the economic downturn, decreased sales, and rising labor costs.

Jeongeup City Hall exterior view. [Photo by Jeongeup City]

The support target is small business owners who have their resident registration address and business location in Jeongeup City and whose annual sales last year did not exceed 100 million KRW.

Also, in the case of co-representatives (including corporations), the fund will be paid to only one representative.

However, those who received the first round of small business stability support funds paid in May, small business owners with no sales in 2022, those who are temporarily closed or out of business as of the announcement date, non-profit businesses not aimed at profit, excluded industries such as solar power generation and pharmacies under the small business policy funds, and industries designated by Jeongeup City are excluded from the support target.

Small business owners wishing to receive the support fund can apply from the 7th to the 31st of next month by submitting an application form, business registration certificate, and other documents at the town or township office or the neighborhood community center where their business is located.

The support fund is 500,000 KRW and will be paid entirely in mobile Jeongeup Love Gift Certificates to revitalize the local economy.

The city will confirm the eligibility of applicants and finalize the recipients, and plans to pay the support funds in October.

Mayor Lee Hak-su said, “We have prepared the support fund to stabilize small business owners who are struggling due to the economic downturn and rising prices,” and added, “We will continue to prepare policies that small business owners can feel directly.”

Meanwhile, the city paid the first round of small business stability support funds to over 3,200 small business owners in May.

Jeongeup = Asia Economy Honam Reporting Headquarters Reporter Kim Jae-gil baekok@asiae.co.kr

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