Gwanak-gu Supports Economic Vitality with Disaster Relief Funds... 9.2 Billion Won Confirmed in 1st Supplementary Budget

City-District Cooperation to Overcome Crisis with Disaster Relief Funds: Customized Support for Small Business Owners, Youth, and Affected Groups... Total Actual Support Scale of 42.3 Billion Won Including 12.7 Billion Won City Funds and 20 Billion Won Small Business Loans

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee) has confirmed an additional supplementary budget of 9.2 billion KRW for the first round of 2021 to provide direct and practical support to those affected by COVID-19, and is taking steps to boost economic vitality.

This economic vitality disaster relief fund, combined with 12.7 billion KRW from the city government, 20 billion KRW in small business loans, and disaster management funds, brings the total actual support scale to 42.3 billion KRW.

The district will first focus on supporting small business owners who have suffered greatly due to the prolonged COVID-19 pandemic. For businesses subject to gathering bans and operational restrictions, it will provide the Seoul Economic Vitality Fund by adding an amount equivalent to 20-30% on top of the government’s 4th disaster relief fund, the Small Business Support Fund Plus project.

Additionally, 50 million KRW in disaster relief funds will be provided to 1,200 businesses that closed after March 22, last year, when social distancing measures were strengthened. For small business owners needing funds to restart, 20 billion KRW in loans will be prepared, offering interest-free loans (for one year) up to 20 million KRW per person.

In line with the region’s characteristic of having the highest youth population ratio (40.6%) nationwide, employment support funds will be provided for unemployed youth. The total target is about 12,000 people, and 500,000 KRW worth of Gwanak Love Gift Certificates will be given to unemployed youth aged 19 to 34 within two years after their final graduation.

Support for vulnerable groups has not been overlooked. Low-income households earning less than 75% of the median income will receive a government temporary living support fund of 500,000 KRW per household.

Also, basic livelihood security recipients, near-poverty groups, and legally single-parent families will receive 100,000 KRW per person as living support funds for low-income vulnerable groups.

Disaster relief funds will also be provided to sectors severely affected, such as cultural artists, tourism and MICE small business owners, transportation workers, daycare centers, elderly care facilities, and local children’s centers. Religious facilities will receive quarantine supplies, supporting the economic vitality of residents while strengthening the quarantine system to prevent the spread of COVID-19.

Furthermore, about 640 hope work jobs will be created through vaccine support and daily quarantine efforts, carrying out various projects to stabilize residents’ livelihoods.

For more details, please check the district office website (News & Notices → Latest News → Disaster Relief Fund).

Park Junhee, Mayor of Gwanak-gu, said, “I hope this economic vitality disaster relief fund will help small business owners, youth, and vulnerable residents who are struggling due to the prolonged COVID-19 pandemic, even if just a little.” He added, “We will do our best to ensure the disaster relief funds are distributed promptly and smoothly to stabilize residents’ lives and help the local economy regain vitality.”

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