Forecast: Over 10 Vacant Commercial Spaces Offered Free to Small Business Owners Affected by COVID-19

[Asia Economy Reporter Kwon Haeyoung] The Korea Deposit Insurance Corporation announced on the 2nd that it will provide more than 10 vacant commercial spaces in four regions, including Seoul and Daejeon, free of charge to small business owners and vulnerable groups struggling to pay rent due to the COVID-19 pandemic.

The KDIC last year provided four vacant commercial units in Hwanghak-dong, Jung-gu, Seoul, which had remained unsold, free of charge for use as offices for young entrepreneurs and learning centers for local residents. After the free use, as people began to frequent the vacant stores, vitality returned, enabling the sale of all other vacant commercial spaces in the building. The recovered funds of 8.6 billion KRW were used as relief funds for depositors affected by bankrupt savings banks.

Currently, the sold Hwanghak-dong commercial spaces already have restaurants and coffee shops operating. With lease contracts completed, all 11 stores, including clothing shops, will open this month.

The KDIC stated, "Through the public use project of vacant commercial spaces, we will support socially vulnerable groups and also contribute to the local economy by revitalizing the surrounding commercial districts." They added, "We hope that KDIC's public use project will become a good example of Itajari (利他自利) and contribute to the widespread creation of a culture of social value throughout our society."

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