Dongdaemun-gu, Rapid Execution in First Half to Overcome Local Economic Crisis... Gangnam-gu Increases Support by 4.5 Billion KRW for Bank Loan Interest of SMEs and Merchants

[Seoul District News] Dongdaemun-gu Sets 2022 First Half Local Finance Target at 116.4 Billion Won, 0.5% Increase from Previous Year to 55.6% · Vice Mayor Choi Hong-yeon Leads Rapid Execution Task Force Focusing on Consumption and Investment... Gangnam-gu Increases Support Scale from 1 Billion to 4.5 Billion Won, 2~2.5%... Songpa-gu Recruits New Concept Volunteer Group ‘Hamkkehasigae(Inu)’ for Young Single-Person Households

Panoramic View of Dongdaemun-gu

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) has set the local fiscal target for the first half of the year at 116.4 billion KRW to revitalize the local economy, which has been weakened by the spread of COVID-19, and to contribute to public safety, accelerating prompt execution.

Considering the prolonged COVID-19 situation that has made the local economy difficult, the district set the prompt execution target rate for the first half at 55.6%, an increase of 0.5% compared to the previous year, and plans to manage and inspect the progress and execution status of each project on an ongoing basis, aiming to execute a budget of 50.6 billion KRW in the first quarter alone.

To ensure smooth promotion of prompt execution, a Prompt Execution Promotion Team led by Deputy Mayor Choi Hong-yeon has been formed, responsible for managing fund supply status, evaluating execution performance, and preparing countermeasures for underperforming projects.

In particular, for consumption and investment sectors that have significant economic ripple effects and are directly linked to local economic growth, related guidelines will be actively utilized to shorten contract review periods and enable faster execution.

Additionally, to expand fiscal expenditure in consumption and investment areas, for service contracts, mid-term settlements such as ordering in the first half and payment of progress payments will be actively conducted, and preliminary procedures necessary for prompt execution, such as rapid establishment of project plans, are underway.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, said, “As COVID-19 prolongs, economic difficulties are growing uncontrollably,” and added, “We intend to carry out local fiscal prompt execution without fail to stabilize the livelihood economy and overcome the stagnant local economy, so I ask everyone to take an interest and make active efforts.”

Gangnam-gu (Mayor Jung Soon-gyun) has significantly increased the support amount for the interest subsidy project on bank loans for small and medium-sized enterprises (SMEs) and small business owners facing financial difficulties due to COVID-19 from 1 billion KRW last year to 4.5 billion KRW starting from the 24th.

The supported loan amount is 100 billion KRW in the first half and 80 billion KRW in the second half, totaling 180 billion KRW. For each company, up to 300 million KRW of principal will have the district’s support interest rate of 2 to 2.5% deducted from the bank loan interest rate, and the subsidy will be provided for up to five years.

The support targets are SMEs and small business owners located in Gangnam-gu who have maintained their business for more than one year after business registration and have received new loans after the 24th at 11 Shinhan Bank branches and 7 Woori Bank branches that have agreements with Gangnam-gu. Businesses restricted from SME development fund loans, Seoul Credit Guarantee Foundation guarantee restrictions, or those that have changed their business location outside Gangnam-gu are excluded.

Applications can be made by visiting designated Shinhan and Woori Bank branches, and the application deadline is on a first-come, first-served basis until funds are exhausted. For detailed information, please refer to the Gangnam-gu website or contact the Gangnam-gu Regional Economy Division.

Jung Soon-gyun, Mayor of Gangnam-gu, said, “Since the COVID-19 outbreak, Gangnam-gu has supported 1.393 trillion KRW, the largest amount among autonomous districts, to 165,113 SMEs and small business owners in the region during the 7th local government term,” and added, “We will continue to do our best to revitalize the local economy.”

Songpa-gu (Mayor Park Sung-soo) is recruiting activists for a new concept volunteer group called ‘Hamkkehasigae’ targeting young single-person households who own companion dogs until March 13.

The district has been implementing advanced companion animal culture policies, such as launching the nation’s first ‘Roadkill Companion Animal Owner Finder Service’ in 2021 and hosting the online festival ‘Companion Animal on World Pet Festival’ for pet owners.

The ‘Hamkkehasigae’ youth volunteer group will engage in activities such as attending education sessions to spread mature companion culture, producing and sharing items like dog cushions, and creating photo albums for elderly pet owners. Additionally, through network meetings, they will conduct planned volunteer activities related to companion animals, experience the ‘Songpa Companion Dog Playground,’ share information, and participate in autonomous activities like walking.

Any young single-person household dog owner residing in Songpa-gu (companion dog registration required) can apply. The application deadline is March 13, and application documents and more details can be found in the announcements on the Songpa-gu Volunteer Center website. Completed documents can be sent via email.

The activity period is from March to November, with meetings held once or twice every Saturday. All activities will be recognized as volunteer hours.

If residents who do not fully meet the eligibility requirements wish to participate, they can contact the ‘Hamkkehasigae’ coordinator at the Songpa Volunteer Center.

Mayor Park Sung-soo said, “‘Hamkkehasigae’ youth volunteer group is expected to demonstrate a mature and enjoyable companion culture,” and added, “A city where companion animals live well is also a city where people live well. We will continue to discover and implement creative and advanced companion animal culture policies.”

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