Seoul Self-Employed Survival Funds, Half Used to Pay 'Rent'

Survey of Over 2,700 Beneficiary Small Business Owners ... 1st Round Support of 390,000 People and 273.2 Billion KRW

On the 13th, a banner related to Seoul City's survival fund support for self-employed workers was installed on the outer wall of the Seoul Library. Photo by Moon Honam munonam@

[Asia Economy Reporter Jo In-kyung] Among small business owners in Seoul who received the city's 'Self-Employed Survival Fund,' one in two (47%) used the support money to pay rent. Additionally, nine out of ten recipients said the fund helped them operate their businesses, which had been struggling due to the novel coronavirus disease (COVID-19).

Seoul City announced on the 28th that a survey conducted on 2,713 small business owners who received a total of 1.4 million KRW in cash over two months as part of the Self-Employed Survival Fund revealed these results.

First, one in two respondents (1,265 people, 47%) used the received Self-Employed Survival Fund to pay rent, followed by material costs (441 people, 16%) and labor costs (283 people, 10%).

92% of self-employed respondents said the support money helped maintain their business, and 91% expressed overall satisfaction.

92% also responded that the application process was simple. The city explained that to prevent self-employed individuals, who work from early morning until late at night without fixed hours, from closing their businesses or working longer hours due to document issuance, the application documents were minimized.

Moreover, online applications were made possible without any paperwork or visits, utilizing data held by the Seoul Regional Tax Office, National Health Insurance Service, Seoul Credit Guarantee Foundation, and three credit card companies (Shinhan, BC, KB Kookmin Card) regarding sales and other information.

As of the 26th, among the 510,000 people who completed the application for the Self-Employed Survival Fund, the city plans to pay a total of 273.2 billion KRW to about 390,000 people by the end of this week. Online and offline applications will continue until the 30th.

Online applications can be made on the 'Self-Employed Survival Fund website (smallbusiness.seoul.go.kr)' with simple identity verification and business registration number input. For in-person applications, applicants can submit the required documents (application form, ID card, copy of business registration certificate, copy of bankbook) at Woori Bank branches located at the business site (excluding branch offices) or district offices.

Park Won-soon, Mayor of Seoul, said, "The Self-Employed Survival Fund has been practically helpful in maintaining business by covering fixed costs such as rent and labor costs," adding, "We will provide systematic support so that self-employed individuals can establish strong roots in the neighborhood economy."

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