The city of Paju in Gyeonggi Province announced Sunday that it will expand the rent reduction rate on public properties from 50% to 80% to ease the burden on small business owners and small and medium-sized enterprises struggling with high prices and high oil costs.
The program targets small business owners and SMEs that directly use Paju city-owned public properties. The maximum reduction cap is set at 100 million won ($73,000), representing a 30-percentage-point increase from the 50% discount applied in the second half of last year. The eligibility period has been extended through the end of this year.
Applications will be accepted in April, following guidance from the department responsible for each public property. Applicants need to submit a small business (or SME) confirmation certificate and an application form. Reduction and refund procedures will be processed after document verification. The confirmation certificate can be issued through the SME Status Information System.
"We will continue to pursue various support measures to address the business difficulties facing small business owners due to high oil prices and high consumer prices, and to revitalize the local economy," a Paju city official said.