Seocho-gu to Provide 500,000 KRW Consolation Support Fund to Closed Small Business Owners

Support for up to 980 locations totaling 5 billion KRW... For small business owners who closed due to gathering bans or business restrictions since 20.3.22, applications accepted via district office website and call center until November... Support provided within 2 weeks after document review from application date

[Asia Economy Reporter Park Jong-il] Seocho-gu announced that it will provide consolation support funds of 500,000 KRW to small business owners who have closed their businesses due to inability to withstand sales declines caused by the prolonged COVID-19 pandemic.

Accordingly, the district will invest a total of 500 million KRW in district funds to support up to 980 locations.

The support targets are small business entities based on their sales and number of regular employees in the previous year or last year, including ▲food and lodging businesses with sales under 1 billion KRW and fewer than 5 employees ▲wholesale and retail businesses with sales under 5 billion KRW and fewer than 5 employees ▲manufacturing and transportation businesses with sales under 12 billion KRW and fewer than 10 employees.

Also, the eligible businesses are those small enterprises that operated for more than 90 days and closed between March 22, 2020, and November 30, 2022. However, businesses that violated local government administrative orders related to gathering bans and business restrictions as of the application date or those that received consolation support funds last year are excluded.

Furthermore, if one person operated multiple business locations and closed them, support can be provided for each business location separately. In cases where multiple representatives exist within one business location, each can receive support. However, if co-representatives are spouses or direct lineal ascendants or descendants, only one person can receive support.

Eligible applicants can prepare the required documents and visit the Small Business Support Call Center at the Seocho-gu Office's Job and Economy Division or apply for the support funds through the Seocho-gu Office website by November 30. However, the application will close early if the budget is exhausted.

The district will determine the final recipients after reviewing the submitted documents, verifying whether the business was subject to gathering bans or business restrictions, and checking for any violations of administrative orders. The payment will be made within two weeks from the application date.

For more details, refer to the "2022 Seocho-gu Gathering Ban and Business Restriction Industry Closed Small Business Support Announcement" posted on the Seocho-gu Office website.

The district is making every effort to support small business owners facing economic difficulties due to the prolonged COVID-19 pandemic. This year, Seocho-gu is providing various financial and administrative supports, including issuing Seocho Love Gift Certificates worth 28 billion KRW, the "Small and Medium Enterprise Development Fund Loan Support" offering loans up to 200 million KRW per business at 1.5% annual interest, the "Emergency Blood Transfusion Ultra-Speed Loan" providing low-interest loans up to 50 million KRW per small business, and the "Our Neighborhood Store Artterior Support Project," where local artists improve the interior and exterior environments of stores.

Park Woo-man, head of the Job and Economy Division, said, "We hope this support will bring some consolation to small business owners who have closed their businesses, and we will continue to prepare various support measures so that small business owners do not lose hope and can overcome the crisis."

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