Seoul City Launches 'Small Business Comprehensive Support Platform' in 25 Districts... One-Stop Financial and Management Assistance

Customized Support Reflecting Local Commercial Area Characteristics Begins
Up to 2 Million Won Support for Business Closure and Restart of Small Business Owners Affected by COVID-19

Due to the prolonged COVID-19 pandemic, difficulties for small business owners and self-employed individuals are increasing. On the 1st, in a rest area cordoned off with COVID-19 access restriction tape inside the Euljiro underground shopping mall in Seoul, signboards of nearby stores are attached. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Lim Cheol-young] A ‘Comprehensive Support Platform for Small Business Owners,’ where any small business owner can conveniently receive ‘financial consultation’ and ‘management improvement consulting’ nearby, has been installed one in each of the 25 autonomous districts and has started customized operations. It is dedicated to funding support, management consultation, education, and consulting for small business owners within the district, and closely supports business closure and re-challenge for small business owners who inevitably close their businesses.

On the 16th, Seoul City announced that it will actively promote the comprehensive support project for small business owners, which enhances the self-sustainability and competitiveness of 690,000 small business owners and self-employed people in Seoul, the backbone of Seoul’s economy.

First, the ‘Comprehensive Support Platform for Small Business Owners’ has been installed one per autonomous district and has started full-scale operation. Until now, to receive funding support and lifecycle services, one had to visit the Seoul Credit Guarantee Foundation (branch) and the Self-Employment Support Center separately. Going forward, the key point is that these two types of support can be received in a one-stop manner at the ‘Comprehensive Support Platform for Small Business Owners,’ which is the Seoul Credit Guarantee Foundation branch located at the business site.

In particular, the ‘lifecycle comprehensive services (from startup to growth to exit stage)’ that could only be received through one Self-Employment Support Center of the city are now conveniently available at a nearby branch close to the business site.

Starting in May, the ‘Commercial District Innovation Academy’ (located in Seongsu-dong), which will lead innovative lifestyle startups in line with socio-economic changes centered on local commercial districts after COVID-19, will be operated. In the first year of implementation, 20 trainees mainly in the food service industry (including desserts) will be selected, aiming to nurture thoroughly prepared entrepreneurs by providing practical education, mentor business site experience, and mock startup training. Detailed project schedules, including trainee selection, will be additionally announced in March.

Seoul City expects a sharp increase in small business owners closing (or planning to close) their businesses due to COVID-19 this year as well, and will support ‘costs necessary for business closure and re-challenge’ for 800 stores.

When small business owners closing (or planning to close) apply for support this year, experts visit the business site to provide consulting necessary for business closure and counseling related to business conversion, re-startup, employment, etc. Along with this, a support fund of up to 2 million KRW per business will be provided to be used for rent, store restoration costs, and so on.

Going forward, the scale of re-challenge support will be adjusted according to the trend of support applications. Details of support content and schedules for each project can be checked through the Seoul Self-Employment Support Center’s Comprehensive Support Portal for Small Business Owners or the Seoul Credit Guarantee Foundation Customer Center.

Seo Seong-man, Director of Labor and Livelihood Policy at Seoul City, said, “Small business owners’ difficulties are increasing due to the rapidly changing business environment and the prolonged COVID-19 pandemic causing a sharp decline in sales. We will provide close support reflecting regional characteristics and consumer trends at the dedicated comprehensive support platforms for small business owners in each autonomous district to enhance their competitiveness, and continuously expand systematic educational curricula so that small business owners can develop self-sustainability on their own.”

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