Gwanak-gu Allocates 9.2 Billion KRW Supplementary Budget... 100,000 KRW Support per Vulnerable Individual

Customized Support for Small Businesses and Vulnerable Groups with Crisis Relief Disaster Funds... Government Focuses on Supporting Actual Affected Groups to Address Disaster Fund Blind Spots... Total Support Scale Including 12.7 Billion KRW City Funds and 20 Billion KRW Small Business Loans Reaches 42.3 Billion KRW

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee) has prepared a supplementary budget proposal worth 9.2 billion KRW for the first supplementary budget of 2021 to provide direct and practical support to those affected by COVID-19, and submitted it to the Gwanak-gu Council on the 1st.

This supplementary budget reflects the funds needed for the payment of the "Crisis Overcoming Disaster Support Fund," a project jointly promoted by Seoul City and autonomous districts, totaling 9.2 billion KRW.

Through this supplementary budget, the district focuses on projects that can closely support small business owners, unemployed youth, and low-income vulnerable groups who have been struggling due to social distancing and other quarantine measures implemented since last year.

First, 1.4 billion KRW will be invested to provide interest-free loans for one year with a total guarantee limit of 20 billion KRW to small business owners facing management difficulties due to the prolonged COVID-19 pandemic.

The district will cover the interest on loans up to a maximum of 20 million KRW, and it is expected that about 1,000 small business owners in the area will benefit.

6 hundred million KRW will be allocated to support small business owners who closed due to COVID-19. For about 1,200 businesses in prohibited or restricted sectors that closed after March 22, last year, when social distancing was strengthened, 500,000 KRW in damage support funds will be provided per business.

Additionally, in line with the characteristic of having the highest youth population ratio nationwide (40.3%), efforts will be made to support youth projects. A total budget of 6.1 billion KRW will be invested to provide employment incentives of 500,000 KRW per person to unemployed youth who have been relatively neglected in various government disaster support measures. The support targets unemployed youth aged 19 to 34 within two years after graduation, totaling 12,185 people.

Next, 588 million KRW will be invested to provide living support funds to about 29,000 low-income vulnerable people experiencing livelihood crises due to COVID-19.

The support targets include basic livelihood security recipients, lower-income groups, and legally single-parent families, with 100,000 KRW provided per person.

In addition, operating expenses (275 million KRW) will be supported for daycare centers, local children's centers, and elderly care facilities struggling with operations due to the prolonged COVID-19 situation, and about 700 hope work jobs will be created (160 million KRW) for vaccine support and daily quarantine, implementing customized projects to stabilize residents' lives.

Meanwhile, Seoul City will provide 12.7 billion KRW in city funds for Seoul Economic Vitality Funds (for prohibited and restricted gatherings), Seoul Artists Emergency Disaster Support Fund, Seoul Tourism Recovery Leap Fund, and others.

Park Junhee, Mayor of Gwanak-gu, said, "We have focused on providing the Crisis Overcoming Disaster Support Fund to small business owners, youth, and vulnerable groups struggling due to the prolonged COVID-19 pandemic, and prepared this supplementary budget proposal." He added, "Once the supplementary budget is approved by the district council in April, we will execute it promptly to help stabilize residents' lives and do our best to help the local economy regain vitality."

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