Daejeon City Invests 68.2 Billion Won to Support Small Business Management Recovery

Special Fund of 400 Billion Won to be Implemented from June with 3.5% Interest Support from Daejeon City
Arcades Installed in 20 Traditional Markets...100 Public Parking Spaces Created in Ojeong-dong Shopping District

Daejeon Mayor Lee Jang-woo is giving a city administration briefing on the 30th. / Daejeon - Photo by Park Jong-myeong

Daejeon City announced that it will invest 68.2 billion KRW to support the recovery of local small business owners' management amid the high inflation and high interest rate crisis.

The city will establish a special ultra-low interest fund of 400 billion KRW for small business owners in the Daejeon style, starting from June, to alleviate the burden on small business owners and self-employed people suffering from accumulated management difficulties and loans after COVID-19. Within the loan ceiling interest rate agreed upon by the city and 13 commercial banks, new or refinancing loans up to 50 million KRW per business will be promoted, with the city covering an annual interest rate of 3.5% for two years.

To ease the burden of rising operating costs for small business owners, those with annual sales of 30 million KRW or less who have been operating for more than six months after signing a lease contract will gradually receive up to 300,000 KRW per business in rent support.

Small business owners with annual sales of 300 million KRW or less who newly hire workers and maintain employment for three months will receive 1.5 million KRW in labor cost support, and if maintained for more than six months, an employment retention incentive of 500,000 KRW will be paid once a year.

Additionally, up to 2.5 million KRW per business will be provided for facility improvement costs, and up to 2 million KRW per business will be supported for store demolition and restoration costs for 50 small business owners who have closed or plan to close their businesses.

The joint delivery system, which supported online shopping for five traditional markets, will be expanded to deploy dedicated personnel and seven delivery vehicles to 10 markets in six zones to assist offline shopping services.

Through an agreement with Shinhan Bank, the franchise fee for the delivery platform 'Ttaenggyeoyo' has been set at 2%, and the Daejeon Love Card has been linked as a payment method. Starting in June, traditional market shopping services and Onnuri gift certificate payments will also be available.

Furthermore, 24 facility modernization projects will be promoted in 20 markets, including arcade installation, cooling fog, and fire alarm facility installation and maintenance.

To resolve parking difficulties and improve accessibility in traditional markets and shopping districts, a public parking lot with 100 spaces will be created in the Ojeong-dong shopping district, and to support it as a tourism-specialized market attracting group tourists, 15 large bus parking spaces will be installed near the Central Market revitalization area.

Mayor Lee Jang-woo said, "I hope this support will help overcome the high inflation and high interest rate crisis and become a new leap forward for local small business owners," adding, "We will continue to expand the budget for small business support and strengthen customized support policies."

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