Oh Se-hoon Seeks Small Business Votes: "3 Trillion Won Policy Fund Investment"

On May 13, Oh Announces 'Comprehensive Support for Small Businesses' Pledge

"Each Neighborhood Shop Forms the Foundation of Seoul's Economy"

Oh Se-hoon, the People Power Party candidate for Seoul mayor, has begun efforts to win the support of small business owners.

On the morning of May 13, Oh announced his 'Comprehensive Support for Small Businesses' pledge at his campaign office in Jongno, Seoul.

First, for small business owners in their middle and later years who are relatively unfamiliar with digital tools, he pledged to provide hands-on training tailored to their skill levels for digital transformation, as well as to connect them with experts to help establish online strategies. Up to 3 million won will be provided to cover digital transformation expenses, such as social networking service (SNS) advertising and setting up online stores.

Financial support for small businesses will also be expanded. The total amount of policy loans for small businesses will be increased from the current 2.42 trillion won to 3 trillion won, and the actual interest rate burden will be lowered from 1.9–3.1% to 1.7–2.9%. A total of 500 billion won will be invested in the exclusive overdraft account 'Self-Employed Safety Account' for livelihood business owners, and the maturity will be extended for the 300 billion won 'Hope Companion Fund', which allows refinancing from high-interest to low-interest loans. In addition, 400 billion won in support will be provided for vulnerable businesses affected by the 'three highs' (high interest rates, high inflation, and high exchange rates).

A robust safety net for small businesses in crisis will also be established. In collaboration with local districts and related agencies, real-time crisis signal monitoring will be conducted based on SNS communities to identify small businesses in crisis early. Through one-on-one customized business diagnostics, businesses will be classified as either sustainable or at risk, and tailored solutions will be offered to each. For small business owners restarting after closure, the 'Restart Project' will be launched, providing up to 2 million won in initial funding, as well as industry analysis, business planning support, and marketing improvements.

Oh stated, "Each neighborhood shop forms the foundation of Seoul's economy," adding, "It is the city's role to create an environment where you can open your doors wide without worrying about having to close down tomorrow."