Corona-phobia is dealing another blow to the local economy, which was already struggling.
The province has declared a state of emergency to help small and medium sized local businesses.
Todd Thacker reports.


Fears surrounding the spread of coronavirus have made their way to Jeju Island, negatively affecting an already stagnant local economy.
The province has declared a coronavirus emergency in an effort to support businesses.


Governor Won Heeryong emphasized the need for cooperation in order to overcome the current crisis, much as islanders and mainlanders did during the financial crisis in the late 1990s caused by the severe foreign exchange shortage.


A consultative body has been formed to monitor the status of the tourism and primary industries and to come up with practical measures to help businesses.

Governor says his office will adjust budget as quickly as possible to follow decisions made by the consultative body.

Recording
Won Heeryong / Governor
Under the perception that the level of the coronavirus crisis is similar to the 1990s financial crisis. We has formed the provincial consultative body for every sector to work together. After reviewing and setting priorities, my office will fulfill the body's decision.
<싱크 : 원희룡/ 제주특별자치도지사 >
" 도는 IMF위에 못지않는 상황이라는 인식하에 현 위기를 극복하기 위해서 온 도민이 함께 힘을 모아야 한다는 생각에 범도민 위기극복 협의체를 구성했습니다. 협의체에서 마련한 대책에 대해서는 현실성과 우선순위를 검토한 뒤 반드시 실천하겠습니다."

Special funds will be provided to small businesses that have been impacted by the coronavirus fear.

700 billion won of the Fund for Small and Medium-sized Industry and 200 billion of additionally alloted provincial budget to aid businesses will be provided to local businesses.

The province has determined 41 types of business impacted by the coronavirus fear and eligible for the aid.
Each business will be able to get upto 100 million won.


For businesses that cannot offer collateral, the province is helping them to take loans at a loan guarantee by the Jeju Credit Guarantee Foundation.

Recording
Won Heeryong / Governor
We've decided to help small and medium sized-local businesses that have been or could be hit by the coronavirus fear directly or indirectly by providing funds for their stable financial management until the the epidemic stops.
<싱크 : 원희룡/ 제주특별자치도지사 >
"신종코로나바이러스 감염증 확산과 관련해 사태가 종식될 때까지 경기침체와 매출 감소 등 직간접적인 자금난이 우려되는 도내 중소기업과 소상공인에게 경영안정자금 특별지원을 통해 원활한 자금 융통과 경영안전을 돕기로 결정했습니다."

However, it's questionable if the funding really helps local business as consumers would not loosen the purse strings as long as the coronavirus fear lingers.

Todd Thacker, KCTV