Small Business Support: Korea’s ‘Three Support Project

by Archynetys Economy Desk

Defense Reduction Credit, 500,000 won limit … used to pay for utility bills and 4 premiums
Biz Plus Card, Up to 10 million won limit credit card issuance to small and low -credit small business owners
Delivery and courier support support, annual sales of less than 300 million won for small business owners, up to 300,000 won per person per person

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The Small and Medium Venture Business Department will be providing management stability support projects such as burdened reduction credits for small business owners, and Biz Plus Cards for small business owners who are struggling with economic downturn, high interest rates and high prices. Comparison of management stability support projects. Photo = Small and Medium Venture Business Department

The government has been supporting small business owners to reduce the management burden of small business owners, with the government’s sales decrease and fixed costs such as rent.

According to the government on the 29th, the Small and Medium Venture Business Department (mid -term) will hold three major support projects, including burdened reduction credits, biz plus cards, and delivery and courier support for small business owners who are struggling with economic downturn, high interest rates and high prices.

The burdened reduction credit and Biz Plus Card will be supported at KRW1,566 billion and KRW 700 billion, which we have secured through the first additional budget for this year.

The burdened reduction credit is a business that pays up to 500,000 won in the form of credit for utilization of electricity, gas and water charges such as electricity, gas and water charges. In the case of multiple businesses, only one business can be received per person.

If a small business owner selects one card company, all credit and check cards are automatically registered with the card company. If you pay for utility bills and four premiums with these cards, your credit will be deducted without any proof.

The targets should be small business owners of less than 300 million won last year or this year. The government’s estimated support is about 311,000.

The application period is from 14th to November 28th of next month. This year, openers will be available from August 1st and credit must be used by the end of this year.

The Biz Plus Card business is to issue a credit card of up to 10 million won to small business owners (NICE credit score 595 ~ 839 points).

The issuer can use interest -free installments for up to six months, and the card usage amount is 3%(up to 100,000 won) for the first year.

The limit is twice as high as the mid -low credit card card, and the card annual fee and the guarantee fee are fully exempt.

Over 1 year, more than 2 million won in sales for the last two months or more than 12 million won last year, about 70,000 people are supported.

The application date is from 14th to the end of next month. The Regional Credit Guarantee Foundation ‘Guarantee Dream’ app must first apply for a guarantee, and then apply for a card issuance with IBK Card or I-ONE BANK app. The card usage period is five years from the date of issuance.

The delivery and courier support project, which has been in effect since February, is also a benefit that you should not miss.

The project will be paid to 300,000 won per person to small business owners of less than 300 million won in 2023 or 2024, and this budget will be invested 203.7 billion won.

All sectors are eligible for delivery and courier service, and all sectors, except for entertainment and gambling businesses.

The government, which was classified as a target for small business owners with less than 140 million won in annual sales, expanded its standards to 300 million won last month to give more benefits.

The total number of applicants for total support is 67,9000. So far, a total of 160,000 companies have received subsidies.

To receive subsidies, you must proof of delivery and courier receipts from January 2024 to December 2025. Applications are possible by the end of this year.

Hwang Young -ho, head of the Small Business Stability Stability Stability Support Division, said, “I hope that this project will be a little helpful for the actual stability of small business owners.

Sung-Pil Choi Global Economic Reporter nava01@g-enews.com

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