Songpa-gu, Public, Private, and Civic Sectors Join Forces to Revitalize Local Economy

Seoul Credit Guarantee Foundation, Woori Bank, and 4 Other Institutions Sign Business Agreement...Injecting Vitality into Local Economy through 1:1 Customized Support for Small Businesses

[Asia Economy Reporter Jong-il Park] Songpa-gu has launched a council to support small businesses and small merchants struggling with management difficulties due to COVID-19.

On the 1st, Songpa-gu (Mayor Park Seong-su) signed a 'COVID-19 Overcoming and Local Economy Revitalization Agreement' with six organizations: Seoul Credit Guarantee Foundation, Korea Workers' Compensation & Welfare Service Eastern Branch, Seoul Chamber of Commerce Songpa-gu Chamber, Seoul Entrepreneurs Association, Hana Bank, and Woori Bank.

The business agreement was originally planned to hold a signing ceremony by inviting representatives from Songpa-gu, Seoul Credit Guarantee Foundation, Hana Bank, and other institutions, but in response to the strengthened Level 2 'Social Distancing,' the agreement was completed in writing.

This agreement was prepared to develop policies for revitalizing the local economy of Songpa-gu based on the resources and capabilities of each institution and to establish a system for continuous cooperation.

Through this agreement, various projects will be promoted, including ▲establishing a comprehensive support system for small businesses and small merchants ▲localized guarantees ▲management consulting ▲support for facility improvement costs to restore alley and daily commercial districts ▲management improvement education.

In particular, this year, Munjeong-dong Rodeo Street alley commercial district was selected as a pilot project target to start a localized comprehensive support project.

For small merchants in Munjeong-dong Rodeo Street, a systematic support project will be carried out in five stages: ▲1:1 connection with experts in each field and providing solutions to concerns ▲support for facility improvement costs within 1 million KRW per store ▲support for credit guarantee policy funds such as low-interest loans ▲opening and education of merchant colleges ▲support for joint brand costs for shared facilities.

The Seoul Credit Guarantee Foundation will take the lead in proposing measures to revitalize the local economy while supporting education, consulting, and facility improvements for small merchants in the pilot commercial district.

Also, merchant organizations such as the Seoul Entrepreneurs Association and Songpa-gu Chamber of Commerce will strengthen cooperation through suggestions and advice, banks will provide financial support through special contributions, and the district office will actively handle administrative and financial support.

Park Seong-su, Mayor of Songpa-gu, said, "I am pleased to establish a support system to overcome the difficulties of small businesses and small merchants together through this agreement," and added, "We will do our best to revitalize the Songpa-gu local economy through active communication and collaboration among major public, private, and government institutions."

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