The Jeju Credit Guarantee Foundation offered a special warranty last year to help local firms weather the downturn in the island economy caused by the MERS outbreak, and that aid was reportedly quite effective.

The foundation provided 41 billion won in special funding to around 1,500 companies last year.

Foundation representatives say the aid gave a much-needed boost to the local economy by helping to induce 80 billion won in production and creating 530 new jobs.

Nine out of ten companies that received the funds said their monthly sales and average monthly profits increased last year.