Gwangju and Jeonnam regions launch economic support for small businesses

Local authorities in the Gwangju and Jeonnam regions of South Korea are implementing new measures to support small business owners and residents facing economic hardship.

Naju City has announced a livelihood recovery fund of 200,000 KRW per person for approximately 117,000 residents, including marriage immigrants and permanent residents. Applications will run from September 14 to October 16, with a five-day rotation system based on birth year implemented during the first week to manage congestion. The funds can be used at local merchants with annual sales under 3 billion KRW via prepaid cards or mobile Naju Love Gift Certificates. The funds must be used by November 30.

Additionally, the Gwangju-Jeonnam integrated special region is launching free mutual aid insurance for small business owners starting in September. This initiative includes three types of coverage: a loan relief insurance that covers up to 10 million KRW in debt in the event of death or serious illness; a youth entrepreneur insurance providing consolation payments and childbirth grants; and business liability insurance for accidents occurring within business premises. The loan relief insurance is available to the first 10,000 applicants on a first-come, first-served basis.