Namyangju City Announces Comprehensive Plan Worth 116.1 Billion KRW for Public Welfare and Local Economic Revitalization

Amid ongoing uncertainty caused by social unrest, Namyangju City has taken steps to minimize economic shocks. Namyangju City, Gyeonggi Province (Mayor Joo Gwang-deok) announced a comprehensive support plan on the 24th to stabilize the livelihood economy and revitalize the local economy.

Namyangju Mayor Joo Gwang-deok is announcing a comprehensive support plan to stabilize the people's livelihood economy and revitalize the local economy on the 24th. Provided by Namyangju City

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This plan aims to inject a total of approximately 116.1 billion KRW to promote business stability for companies and small business owners, alleviate household burdens for citizens, and enhance local economic vitality through consumption stimulation.

The main support projects include △ raising the recharge limit of the Namyangju Love Gift Certificate (650 million KRW) △ financial support for small and medium-sized enterprises (SMEs) and small business owners (113.8 billion KRW) △ support for revitalizing small business owners (merchant associations) (800 million KRW) △ establishment of a business management safety net (850 million KRW) △ incentives for youth enterprises, among others.

First, the recharge limit for the Namyangju Love Gift Certificate will be increased from 300,000 KRW to 500,000 KRW from January to March next year, maintaining the 10% incentive rate, thereby increasing the maximum monthly benefit from 30,000 KRW to 50,000 KRW.

Financial support for SMEs and small business owners focuses on resolving funding difficulties and stabilizing management.

Namyangju City will provide 80 billion KRW for SME development funds, 12.8 billion KRW for SME special guarantees, and 20 billion KRW for small business special guarantees, and has newly established 1 billion KRW in special guarantee funds for youth-certified and startup companies to assist business expansion.

To revitalize small business owners, the city will invest 400 million KRW in business environment improvement projects, 200 million KRW in merchant association support, and 100 million KRW in joint marketing and management consulting, as well as 100 million KRW to establish a basic plan for commercial district revitalization.

Additionally, 540 million KRW will be invested in a smart factory construction support project to strengthen the self-sustainability of local SMEs, aiming to improve production efficiency and resolve workforce supply issues.

Along with this, public funds, which serve as a catalyst for livelihood economic recovery and local economic revitalization, will be promptly injected by immediately implementing rapid execution for 2025 starting January 1 next year, and the execution target for the first half of the year will be raised by more than 5% compared to the previous year.

In particular, strong measures will be prepared to increase the execution rate in consumption and investment sectors to promote private investment and consumption.

Mayor Joo Gwang-deok stated, “Through this comprehensive plan, we will continuously pursue effective policies for the management stability of SMEs and small business owners and the revitalization of the local economy. We will do our best to achieve economic recovery and livelihood stabilization that all citizens can feel, and depending on the economic situation early next year, we will also prepare additional measures in a timely manner.”

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