Seoul City Provides 240,000 KRW Support for Small Business Owners Newly Joining 'Noran Usan'

[Asia Economy Reporter Jo In-kyung] On the 10th, the Seoul Metropolitan Government announced that it will support small business owners with annual sales of 200 million won or less who newly join the 'Noranwoosang' with a total of 240,000 won over one year, providing 20,000 won per month as a Hope Incentive due to difficulties caused by the spread of the novel coronavirus infection (COVID-19).

Noranwoosang is a social safety net product operated by the Korea Federation of SMEs, which pays a lump sum of the accumulated contributions with compound interest applied when small enterprises and small business owners face livelihood difficulties due to certain reasons.

Since 2016, Seoul has been the first in the nation to start the Hope Incentive to increase Noranwoosang enrollment among small business owners, supporting a total of 88,211 small business owners to date. The support amount was also increased from 10,000 won per month to 20,000 won per month starting last year.

As a result, the Noranwoosang enrollment rate, which was only 26.8% (173,126 people) at the end of 2015, rose to 58.6% (390,818 people) by the end of last year, and Seoul plans to raise the enrollment rate to 60% by supporting 6.4 billion won in Hope Incentives this year.

Small business owners who wish to enroll can inquire at the Korea Federation of SMEs, 12 commercial banks, regional centers of the Small Enterprise and Market Service, or the Noranwoosang homepage (http://www.8899.or.kr).

This content was produced with the assistance of AI translation services.