Seocho-gu Urgently Allocates and Supports Over 2 Billion Won for New Entrepreneurs

Cash Support of 1 Million KRW for Self-Employed Small Business Owners Registered from 2019.9.2 to 2020.5.31 with Business Location in Seocho-gu... Online Applications Open Until the 30th, In-Person Applications at Seocho Culture and Arts Center Start from the 15th

[Asia Economy Reporter Jong-il Park] Seocho-gu (Mayor Eunhee Jo) has urgently allocated about 2 billion won from the district budget to start the ‘Support for Newly Self-Employed in Blind Spots’ project, targeting newly established small business owners who have suffered from COVID-19 but have been excluded from various support policies and are facing difficulties.

The ‘Support for Newly Self-Employed in Blind Spots’ project provides 1 million won in cash to small business owners who registered their business between September 2, last year, and May 31 of this year, and whose business location is in Seocho-gu.

The target beneficiaries are small business owners currently renting and operating offices (business places), supporting businesses that are actively operating.

According to a recent survey, if the COVID-19 situation prolongs, 72.4% of small business owners are considering closure or have already closed due to severe difficulties (Survey results from the Korea Federation of Small and Medium Business, April 10, 2020, targeting small business owners nationwide).

Currently, the ‘Seoul City Self-Employed Survival Fund’ is accepting applications, but it only targets small business owners who registered their business before September last year, excluding newly established businesses.

However, newly established business owners lack an operational foundation and suffer more damage from COVID-19 than existing business owners. Especially those who started their business this year have not even enjoyed the opening effect of a brief surge in customers for 1 to 2 months after opening, facing greater difficulties.

Therefore, the district is providing direct and customized support to help newly self-employed business owners safely overcome this hardship.

Applications are accepted until the 30th of this month through the Seocho-gu Office website online, and from the 15th to the 30th, on-site applications are also possible at the Seocho Cultural and Arts Center. To prevent confusion, on-site applications will be conducted by a 5-day rotation system based on the representative’s birth year.

The district is also preparing a ‘Cash Support Project for Self-Employed with Annual Sales Over 200 Million Won’ and is making various efforts to ensure that small business owners suffering from sales decline are not excluded from support.

For more detailed information, please check the district office website or contact the Seocho-gu Self-Employed Support Call Center.

Mayor Eunhee Jo said, “We will carefully explore various measures to ensure that no Seocho-gu residents are left out of support for small business owners affected by COVID-19.”

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