Seoul City, 210,000 Applications for 'Tenant Small Business Guardian Fund' in Just Ten Days

42% of 500,000 Eligible Recipients... 1 Million Won Cash to Be Paid Sequentially

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 17th that 210,000 small business owners have applied within ten days since the start of the application for the ‘Tenant Small Business Owner Support Fund,’ which provides 1 million KRW in cash per business site to ‘tenant small business owners’ facing difficulties by investing 500 billion KRW in resources.

The city is providing this support fund to tenant small business owners with annual sales under 200 million KRW. It is estimated that 42% of the 500,000 small business owners scheduled to receive support have completed their applications.

The eligibility for this ‘Tenant Small Business Owner Support Fund’ includes small business owners who opened their business before the end of last year, whose main business location on their business registration certificate is in Seoul, whose annual sales in 2020 or 2021 were under 200 million KRW, and who are currently operating by renting or leasing their business site as of the announcement date.

Applications can be easily submitted online considering the busy schedules of small business owners. By March 6, applicants can access the ‘Seoul Tenant Small Business Owner Support Fund’ website and complete the application by registering only two types of proof documents for the rented business site: the business registration certificate and the commercial lease contract.

Since the 16th, the city has been sequentially disbursing support funds to qualified applicants who have completed document and sales reviews, and is sending step-by-step notification messages regarding eligibility and support fund payments.

Im Geun-rae, Seoul City Small Business Policy Officer, said, “We will actively strive to ensure that support funds are quickly provided to tenant small business owners who, on top of sales declines caused by COVID-19, also bear the burden of rent.”

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