Seocho-gu Launches Full-Scale Project to Revitalize Livelihood Economy with 40 Billion KRW Budget

400 Billion KRW Disaster Relief Fund Provided to Over 15,900 Businesses and Facilities and More Than 18,000 COVID-19 Affected Individuals... Additional Support Separate from Government Relief, Increasing Aid and Minimizing Blind Spots... Seoul City Offers 10 Support Measures in 3 Major Areas Including Common Small Business Relief, Vulnerable Group Assistance, and Tailored Support for Affected Industries, Along with 4 Autonomous Support Measures by Seocho-gu

[Asia Economy Reporter Jongil Park] Seocho-gu (Mayor Jo Eun-hee) will provide disaster relief funds totaling 40 billion KRW (including 20 billion KRW in interest-free loans for small business owners) to businesses and residents affected by the prolonged COVID-19 pandemic.

This livelihood measure, promoted in cooperation with Seoul City and its 25 autonomous districts, aims to quickly support overlooked vulnerable groups such as unemployed youth, closed small business owners, and low-income vulnerable populations, in addition to small business owners and self-employed individuals experiencing sales declines who have been the main focus of the government’s 4th disaster relief funds and other support measures.

The 'Seocho-gu Livelihood Economy Revitalization Project' is being fully activated, consisting of a total of 14 support measures: 10 common support policies promoted by Seoul City across three major areas (small business owners, vulnerable groups, and affected industries) and 4 independently discovered and separately implemented autonomous support projects by Seocho-gu, marking a full-scale effort to overcome the COVID-19 crisis.

Through the 40 billion KRW disaster relief funds, it is expected that approximately 15,900 businesses and facilities in Seocho-gu and about 18,000 people from COVID-19 affected groups will receive support.

Seocho-gu’s autonomous support projects include 1 million KRW per public and private kindergarten facility, 500,000 KRW per visiting care facility, up to 1 million KRW per disability welfare facility, and 500,000 KRW worth of quarantine supplies per religious facility, all fully funded to minimize blind spots in disaster relief.

The Seoul City common livelihood measures consist of up to 1.5 million KRW per business in restricted or prohibited sectors, 500,000 KRW per closed business in restricted or prohibited sectors, 500,000 KRW per unemployed youth for employment support, 100,000 KRW per low-income vulnerable individual, up to 1 million KRW per elderly care facility, 1 million KRW per daycare center and local children’s center, 10 million KRW per village bus company, 500,000 KRW for corporate taxi, village, and charter bus drivers, 1 million KRW per artist with household income below 120% of the median, and 2 million KRW per small business owner in tourism and travel sectors.

Additionally, to provide emergency operating funds to affected businesses, the district has contributed 1.6 billion KRW to Shinhan Bank, Woori Bank, and Seoul Credit Guarantee Foundation to prepare 20 billion KRW in loans, offering interest-free loans up to 20 million KRW per business for one year starting from May until funds are exhausted.

Following the passage of the 2021 first supplementary budget at the 305th Seocho-gu Council extraordinary session on April 16, the district plans to promptly execute the disaster relief funds across all sectors.

For detailed application methods regarding the 14 projects under the 40 billion KRW 'Seocho-gu Livelihood Economy Revitalization Project,' please refer to the Seocho-gu Office website.

Seocho-gu Mayor Jo Eun-hee expressed her determination, stating, “We will mobilize all possible administrative resources to provide financial support as quickly as possible to help compensate for the hardships faced by citizens due to the prolonged COVID-19 pandemic.”

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