Relief for Small Businesses in Economic Downturn

In a move aimed at alleviating financial strain on local enterprises, Muju-gun, situated in Jeonbuk Self-Governing Province, is significantly increasing its support for small business owners struggling with card transaction fees. This initiative seeks to inject vitality into the local economy during these challenging times.

Expanded Financial Assistance Details

The enhanced program will provide eligible small business owners with up to ₩700,000 to offset card commission expenses. This represents a substantial increase from the previous support level of ₩300,000. Eligibility is generally extended to businesses with annual sales under ₩300 million,based on figures from the preceding year.

Application Process and Requirements

Small business owners can apply for this financial assistance from April 21st to December 5th. The application process requires submitting necessary documents, including a card fee support application form, a copy of card fee statements, and a business registration certificate. These documents can be submitted at the Muju-gun Nuri house or the local municipal administrative welfare center.

Exclusions and limitations

notably certain businesses are excluded from this support program. Specifically, enterprises restricted from re-guarantee by the Local Credit Guarantee Foundation, such as those involved in gambling-related activities, are not eligible for assistance.

Government Outlook

Lim Chae-young,Director of the Industrial Economy Division at Muju-gun,emphasized the importance of this initiative,stating:

In a difficult situation,the fees generated by credit cards can also be a big burden for small business owners.
Lim Chae-young, Director of the Industrial Economy Division at Muju-gun

Broader Investment in Local Businesses

This card fee support program is part of a larger commitment by Muju-gun to bolster its small business sector. This year, the local government plans to invest a total of ₩3.3 billion in various initiatives designed to support and promote the growth of small businesses within the region. This investment reflects a proactive approach to fostering economic resilience and prosperity at the local level.