Monthly Purchase Limit for Onnuri Gift Certificates Discount Raised by 500,000 Won

Ministry of SMEs and Startups, 2024 Lunar New Year Livelihood Stability Measures

It has become possible to purchase an additional 500,000 KRW worth of Onnuri gift certificates per person per month at a discount. On the 16th, the Ministry of SMEs and Startups announced plans to boost domestic consumption by expanding the purchase limit of Onnuri gift certificates ahead of the Lunar New Year holiday, as well as a funding supply plan to support liquidity for small business owners and SMEs during the holiday season.

First, to expand the use of Onnuri gift certificates, the monthly discounted purchase limit per person has been raised by 500,000 KRW, allowing purchases at a discounted price up to a maximum of 2 million KRW. Currently, the paper type has a monthly purchase limit of 1 million KRW with a 5% discount rate, and the mobile and rechargeable card types have a monthly limit of 1.5 million KRW with a 10% discount rate. Starting from the 20th, the purchase limits will be increased to 1.5 million KRW for the paper type and 2 million KRW for the mobile and rechargeable card types.

To revitalize traditional markets, a 'Traditional Market and Shopping District Online Special Exhibition' involving about 390 locations nationwide will be held for 15 days from January 29 to February 12. During the special exhibition period, customers using online sales channels of traditional markets and shopping districts will be provided with free delivery services. To boost sales for small business owners during the Lunar New Year, a 'Small Business Online Shopping Mall Special Exhibition' selling gift sets such as Korean beef, fruits, abalone, as well as clothing and beauty products, will be held through distribution platforms from January 20 to February 6.

To support liquidity for SMEs and small business owners during the holiday season, the Ministry of SMEs and Startups will supply 1.8 trillion KRW in loans and guarantees through policy financial institutions under its jurisdiction. Applications for SME and small business policy funds began on the 8th. The ministry explained that it is focusing the institutions’ review capabilities to ensure rapid execution before and after the Lunar New Year holiday.

The Korea Credit Guarantee Fund will underwrite 1.4 trillion KRW worth of accounts receivable insurance so that SMEs can securely recover sales proceeds. Accounts receivable insurance is a system where the Korea Credit Guarantee Fund compensates part of the losses incurred when SMEs sell goods or services to clients but fail to collect payment. Applications for loans, guarantees, and accounts receivable insurance are being accepted through the websites of policy financial institutions.

Additionally, about 1.26 million micro small business owners will receive 200,000 KRW per person to support their electricity bills. Plans are also being prepared to alleviate the interest burden on small business owners and self-employed individuals who are struggling with high interest rates in the non-bank sector.

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