KB Financial Group marks the 81st anniversary of Korea’s liberation by supporting improvements to the shop environments and management of small business owners who are descendants of independence merit honorees.

KB Financial said on Wednesday it is recruiting participants for the second round of its "Luxury Shop" project supporting small business owners who are descendants of independence merit honorees.

"Luxury Shop" is short for "a shop that embraces honor". The project improves stores and housing environments run by descendants of independence merit honorees and supports them in building a foundation for their livelihoods. KB Financial launched the project last year to mark the 80th anniversary of Korea’s liberation, together with the Ministry of Patriots and Veterans Affairs, the Korea Enterprises Federation, Korea Habitat and Gwangbokhoe.

This year it will newly select 5 small businesses. Eligible applicants are small business stores run by descendants of independence merit honorees. Support recipients will be chosen after a comprehensive review of factors including their relationship to the independence merit honoree, business type, income level, store conditions and the likelihood they can continue operating.

Applications are open until Aug. 31. Details such as how to apply and required documents can be found on Korea Habitat’s website.

In the second round, the project adds management and financial consulting to existing improvements to stores and housing environments. KB Financial will use its "KB Small Business Consulting Center" to assess the selected stores’ management status and financial needs and provide tailored consulting on fund management and business operations.

The Korea Enterprises Federation’s Small and Medium Enterprise Cooperation Center management advisory group will also visit the stores and support management mentoring by field, including sales promotion, legal and accounting. Selected stores will also receive a "patriots-and-veterans small business" certification plaque indicating they are run by descendants of independence merit honorees.

A KB Financial official said, "We will continue to support descendants of independence merit honorees who run small businesses in building a foundation for self-reliance and in spreading the values of patriotism and shared growth within local communities."