Gangwon State Steps Up Support for Small Businesses Ahead of Chuseok, to Disburse KRW 18 Billion in Business Stabilization Funds

[Financial News, Chuncheon = Reporter Kim Gi-seop] Gangwon State joined hands with financial institutions and platform companies ahead of Chuseok to ease the financial difficulties facing small businesses and expand online sales channels for traditional-market products.
According to Gangwon State on the 22nd, it signed a special financial support agreement with Shinhan Bank, the Gangwon Credit Guarantee Foundation, and the Gangwon State Federation of Small Business Owners that morning. In the afternoon, it separately signed a win-win cooperation agreement with Kakao, Woowa Brothers (Baedal Minjok), and small business and traditional-market organizations in the province.
The financial support agreement was reached after Governor Woo Sang-ho personally met with the head of Shinhan Bank to discuss ways to support small businesses in the province. Based on Shinhan Bank's special contribution of KRW 1.2 billion, KRW 18 billion in special business stabilization funds will be supplied, enough to support approximately 600 small business owners based on an average loan of KRW 30 million.
Gangwon State will subsidize 2% of the interest on these funds for two years. The public-private delivery app "Ttaenggyeoyo" will charge only a 2% commission, waive registration fees and advertising costs, and provide newly registered merchants with KRW 200,000 in support as well as commission waivers through the end of the year.


In the afternoon, Kakao, Woowa Brothers, the Gangwon State Federation of Small Business Owners, and the Gangwon Merchants Federation signed a win-win cooperation agreement to promote small businesses and traditional markets. The agreement was developed following proposals and discussions by the two companies in July and August, with the aim of enhancing the competitiveness of small businesses and traditional-market products in the province by leveraging the expertise of leading platform companies and nationwide distribution and promotional channels.
Kakao will launch its "Dangolgage" program in Gangwon for the first time, providing step-by-step support for small business education and consulting, product package enhancement, sales, and promotion. Baedal Minjok will commercialize signature foods from traditional markets and support nationwide sales through its "Traditional Market Revitalization Project." Gangwon State plans to use the agreement as an opportunity to continuously develop new win-win cooperation projects with the two companies, supporting the digital transformation of small businesses and traditional markets and expanding their online sales channels.
Governor Woo Sang-ho of Gangwon State said, "I hope this support, arranged ahead of Chuseok when neighborhood businesses and traditional markets are at their busiest, will ease the financial burden on small business owners and help expand their sales channels," adding, "We will continue our cooperation with the financial sector and platform companies to ensure that residents' spending flows to local commercial districts throughout the province."

[email protected] Kim Gi-seop Reporter