Daejeon Metropolitan City has announced an extension of the application period for its "Small Business Management Recovery Support Program" until April 28th. This initiative aims to alleviate the financial burdens faced by small business owners and self-employed individuals in Daejeon due to the ongoing economic slowdown and decreased consumer spending.
The program provides a one-time payment of up to 500,000 KRW in management expenses to eligible small business owners and self-employed individuals operating within Daejeon as of the public announcement date. To be eligible, businesses must have recorded an annual revenue of less than 104 million KRW in the previous year.
The city explained that the initial application deadline of the end of March has been extended to allow more small business owners to benefit from the support. As of now, approximately 58,000 businesses have applied, representing about 67% of the total target of 86,400 establishments. With an average of over 900 applications still being submitted daily, the extension aims to maximize the reach of the program.
The application process has been simplified, requiring only three documents: a business registration certificate, proof of revenue, and proof of management expense expenditure. Applicants deemed eligible after document review can expect to receive the support payment within one week of their application date.
However, certain businesses are excluded from the program, including those in sectors ineligible for small business policy loans (such as some speculative industries), non-profit entities, and businesses that are currently closed or in the process of closing. Businesses with zero revenue in the previous year are also generally excluded, as this may indicate a lack of actual business operation. However, exceptions may be made if objective evidence of expenditure, such as a finalized value-added tax return, is provided.
To date, approximately 51,000 businesses have already received support. Businesses in sectors with active related organizations and associations, such as transportation, real estate brokerage, and beauty services, have shown high application rates. In contrast, application rates have been relatively lower in sectors like education services and arts, sports, and leisure-related services.
Applications can be submitted online 24 hours a day, including weekends and holidays, through the Daejeon Credit Guarantee Foundation website (hope.sinbo.or.kr). In-person applications are also accepted at the Daejeon Credit Guarantee Foundation headquarters (116, Jungang-ro, Jung-gu, 6th floor) on weekdays from 9:00 AM to 4:00 PM.
For more detailed information, individuals can contact the Small Business Management Recovery Support Team at 070–4355–4300.
Kwon Kyung-min, Director of Daejeon Metropolitan City's Economy Bureau, stated, "We have generously extended the application deadline so that more people can receive support. We will do our best to ensure that small business owners and self-employed individuals who are busy with their livelihoods do not miss the application period and face disadvantages."
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