Yongsan-gu Supports Small Business Owners with Emergency Management Stabilization Fund (5 Billion KRW)

Cash Payment of 700,000 to 1,000,000 KRW for New Startups or Small Business Owners with Annual Sales Under 1 Billion KRW... Utilizing Former Disaster Management Fund... Expected to Benefit Over 6,500 People

On the 1st, Seongjanghyun, Mayor of Yongsan-gu, visited Yongmun Traditional Market to mark his 10th anniversary in office.

[Asia Economy Reporter Park Jong-il] According to the sales analysis data from Shinhan Card in the Seoul Big Data Utilization System, from May 7 to June 21, the sales of small business owners in Yongsan-gu amounted to 359.1 billion KRW, a decrease of 26.5 billion KRW (7%) compared to the same period last year.

In particular, the Itaewon Tourism Special Zone saw a decrease of 23.9 billion KRW, which is a 63% drop compared to the previous year.

Yongsan-gu (Mayor Seong Jang-hyun) will urgently inject 5 billion KRW in business stabilization funds to support the Itaewon Tourism Special Zone and local small business owners affected by the novel coronavirus infection (COVID-19).

The support targets are self-employed individuals (newly established small business owners) who registered their business between January 1 and June 30, 2020, and are currently operating as of the application date, as well as small business owners whose 2019 sales were less than 1 billion KRW (or less than 500 million KRW if the business period was under six months). If either condition is met, support can be received. The main business location on the business registration certificate must be in Yongsan.

Businesses that are effectively closed, entertainment establishments, and unhealthy industries such as gambling, pleasure, and speculation are excluded from support. Those who have received Seoul City self-employed survival funds or COVID-19 confirmed case visit business support funds and store reopening support funds are not eligible for duplicate support. If operating two or more business locations within the area, funds will be provided for only one location.

The support amount is 1 million KRW per business in the Itaewon Tourism Special Zone and 700,000 KRW per business in other areas.

Applicants wishing to receive support should submit the fund application form, ID, bankbook copy, business registration certificate copy, small business confirmation, and sales proof documents to the Tourism Special Zone Council office (for Itaewon Tourism Special Zone) or the local community service center in charge of the business location (for other areas) from July 30 to September 4.

Related forms can be downloaded from the announcement section on the district website.

Applications will be accepted according to a five-day rotation system. To ensure sufficient social distancing, business representatives whose birth year ends in 1 or 6 should apply on Monday, 2 or 7 on Tuesday, 3 or 8 on Wednesday, 4 or 9 on Thursday, and 5 or 0 on Friday.

A district official stated, “Since the sales decrease in the Itaewon commercial area is more pronounced compared to other regions, some differentiation was made in the support amount,” and added, “Please strictly follow the five-day rotation system when applying to prevent the spread of COVID-19.”

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