[This Person] Seong Jang-hyun, Yongsan District Mayor, Actively Working to Revive Itaewon Commercial Area?

Yongsan-gu to Recruit Itaewon Star Shop (star #shop)... 1st Application from September 1 to September 10... Supporting 10 Prospective Entrepreneurs in Itaewon Tourism Zone... Rent Support of 12 Million KRW, Small Business Loan Support of 50 Million KRW

Seong Jang-hyun, Mayor of Yongsan District, is giving a greeting speech at the Itaewon Commercial Area Revitalization Rally.

Itaewon World Food Specialty Street

[Asia Economy Reporter Park Jong-il] Seong Jang-hyun, the mayor of Yongsan-gu, is actively working to revitalize the Itaewon commercial district.

Yongsan-gu is promoting the ‘Itaewon Starshop Project’ to attract attractive stores to vacant commercial spaces and revitalize the Itaewon commercial district.

The support target is a total of 20 prospective entrepreneurs, and from September 1 to 10, the first round will recruit 10 candidates. Each entrepreneur will receive up to 1 million KRW per month in rent support for 12 months and a small business loan of up to 50 million KRW. Additionally, selected prospective entrepreneurs will be connected to stores with planned rent reductions.

Eligibility requires that applicants are not registered as business owners as of the announcement date (August 9), and the application period is from September 1 to September 10.

The second recruitment will take place at the end of November this year.

Successful candidates will be notified individually after mid-October, and rent payments will be made monthly by the 20th to the entrepreneur’s own account starting from September after business commencement. Small business loan applications are possible after completing mandatory training operated by the Seoul Credit Guarantee Foundation, depending on the entrepreneur’s credit rating.

The mandatory training operated by the Seoul Credit Guarantee Foundation includes ‘Startup Consulting’ and ‘Small Business Education,’ and Starshop entrepreneurs must complete their startup within 5 months from the final selection date in the Itaewon Tourism Special Zone.

Those currently operating a business as of the announcement date, those operating restricted industries (such as precious metal brokerage, fur product wholesale, general and dance entertainment bars, real estate businesses, etc.), those planning to start such businesses, or those already participating in other prospective entrepreneur support programs are excluded from eligibility.

Required documents include the Itaewon Starshop Project application form, business plan, consent form for collection, use, and provision of personal and corporate information, certificate of facts, career certificate, and a copy of ID. Applications must be submitted in person to the Job and Economy Division (5th floor) of Yongsan-gu Office.

The district will select twice the number of candidates as the recruitment quota in the first document screening, followed by a second interview screening. Provisional successful candidates will be designated based on the final evaluation results, and if vacancies occur within one month, replacements will be made according to the ranking without additional selection procedures.

Evaluation criteria include entrepreneurial capability, feasibility of the startup, and effort in preparation. Preference will be given to those who have closed businesses in the Itaewon Tourism Special Zone since January 1, 2018.

Seong Jang-hyun, mayor of Yongsan-gu, stated, “The Itaewon Starshop Project will serve as a catalyst for the recovery of the commercial district,” and added, “We hope for great interest from talented prospective entrepreneurs and landlords within the Itaewon Tourism Special Zone.”

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