Mapo-gu, Rent Reduction on Public Property for Small Business Owners Affected by COVID-19 (5%→1%)

Reduced Usage and Lease Rates for Public Property (5%→1%) Applied Until End of COVID-19 Situation... Tenants of 72 Sites Including Public Facilities, Road Occupancy, and General Property Benefit

[Asia Economy Reporter Park Jong-il] Mapo-gu (Mayor Yoo Dong-gyun) announced that it will reduce the rent for small business owners who lease and use public properties owned by Mapo-gu, as the number of local small business owners experiencing business difficulties due to the spread of COVID-19 is increasing.

With the partial amendment of the "Enforcement Decree of the Act on the Management of Public Property and Goods," aimed at supporting those affected by disasters such as COVID-19, promulgated on March 31, a legal basis was established. To provide prompt support, the district lowered the rate of public property usage and lease fees from the existing 5% to 1% through the Public Property Deliberation Committee, applying this from the declaration of the COVID-19 serious phase until the situation ends.

Additionally, the district has implemented proactive measures to prevent the spread of COVID-19 in the community, such as recommending business suspension to tenants of public facilities owned by Mapo-gu. For tenants who accepted the recommendation, it was decided to fully waive the rent during the business suspension period.

The beneficiaries of this rent reduction include approximately 72 tenants across 25 public facilities, 25 road occupancy sites, and 22 general properties. The support is applied retroactively from February 23, when the COVID-19 crisis alert was raised to the 'serious' level, and will continue until the end of the COVID-19 situation.

The district is also supporting local small and medium-sized enterprises (SMEs) going through difficult times by lowering loan interest rates to help alleviate their financial difficulties. Since the 16th of last month, the loan interest rate of the SME Development Fund has been reduced from the existing 1.5% to 1%, thereby supporting small business owners by reducing their interest burden.

Yoo Dong-gyun, Mayor of Mapo-gu, said, “Since this is a time when the entire nation is facing difficulties, public institutions will take the lead and do their best to alleviate the hardships of small business owners caused by COVID-19.” He added, “Although the district’s support may be small compared to the scale of the damage, I hope it will empower small local business owners and minimize the economic shock in the region.”