Economic support for Gwangju and Jeonnam small businesses

Economic support initiatives for small businesses and residents in the Gwangju and Jeonnam regions of South Korea have expanded through various financial and insurance programs.

Initially, Kwangju Bank and the Jeonnam Credit Guarantee Foundation implemented the ‘S.O.S (Save Our Small_business) Project’. This program utilized management improvement support and recovery support guarantees to assist distressed businesses. By late July, the project had provided 1.55 billion won in guarantees across 69 cases, helping businesses achieve significant revenue increases through debt adjustment and interest rate subsidies.

Following these efforts, local authorities introduced broader measures. Naju City announced a livelihood recovery fund of 200,000 KRW per person for approximately 117,000 residents, to be distributed via prepaid cards or gift certificates. Furthermore, the Gwangju-Jeonnam integrated special region launched free mutual aid insurance for small business owners, offering coverage for loan relief, youth entrepreneurship, and business liability.