Pocheon City Urgently Prepares 1st Supplementary Budget for Livelihood Stabilization Measures

by Lee jonggu

Published 22 Jan.2025 15:53(KST)

Pocheon City in Gyeonggi Province announced on the 22nd that it plans to submit the 2025 First Supplementary Budget (hereinafter referred to as the supplementary budget) to the first Pocheon City Council extraordinary session of the new year, aiming to resolve the economic downturn in Gyeonggi Province by implementing rapid livelihood stabilization policies.

Pocheon City Hall exterior. Provided by Pocheon City

This supplementary budget is planned to be allocated for livelihood stabilization and regional economic revitalization, including a permanent 10% (up to 15%) expansion of incentives for the Pocheon Love Gift Certificate and loan support for small business owners and small and medium-sized enterprises (SMEs).

The city currently supports a 6% incentive during normal times and 10% during the Lunar New Year and Chuseok holidays for the Pocheon Love Gift Certificate. Through this supplementary budget, it plans to provide a permanent 10% incentive and is expediting procedures to amend related ordinances to allow an additional 5% cashback.

Additionally, the number of guaranteed recipients for loan support for small business development funds will be increased from a minimum of 80 to 100, and the interest support rate will be expanded from 4-5% to 4.5-5.5%. Furthermore, the interest support rate for loan support for SME development funds will be raised from the original 1.5-2.5% to 3.5-4.5% to support small business owners and SMEs facing management difficulties.

Pocheon City judged that focusing support on small business owners and SMEs within limited resources would be more effective. The city also stated that it plans to continuously discover effective policies and strive to revitalize the regional economy through active financial investment.

Meanwhile, with special adjustment grants from Gyeonggi Province, the city has early allocated 10.8 billion KRW in this supplementary budget to accelerate project promotion and inject vitality into the local economy through prompt execution. The projects include: 2 billion KRW for the Hantangang Media Art Park creation project, 1 billion KRW for the installation of multipurpose AI CCTV for crime prevention, 1 billion KRW for the Welfare Town parking lot construction project, 700 million KRW for the Naeri public parking lot construction project in Naechon-myeon, 600 million KRW for the Gisan-ri futsal field construction project in Ildong-myeon, 700 million KRW for the establishment of a base washing and disinfection facility, 1.3 billion KRW for the second phase of the rural living water development project (Cheongsan Line) in Sinbuk-myeon, 1 billion KRW for the Hanyeoul Zip Rider experiential tourism facility construction project, 1 billion KRW for the Bureum-ri area parking lot construction project in Hantangang, and 1.5 billion KRW for the Hantangang movable weir installation project.

Mayor Baek Young-hyun of Pocheon said, “The economic recession continues like an endless tunnel. Pocheon City will continuously discover policies that can achieve maximum effect at minimal cost through a strategy of selection and concentration, and will do its utmost to pass through this long tunnel toward a bright future.”