Seoul Mayor Park Won-soon Signs Business Agreement with 7 Partner Organizations to Support 'Self-Employed Survival Funds'

Seoul Mayor Park Won-soon is explaining the 'Seoul-type Student Food Package' project, which provides eco-friendly agricultural products and various ingredients to all students in Seoul, at the Seoul City Hall briefing room on the 7th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jo In-kyung] Seoul Mayor Park Won-soon will sign a business agreement on the 13th at the Seoul City Hall video conference room with seven partner organizations regarding Seoul City's 'Self-Employed Survival Fund' support for small business owners and self-employed individuals facing the 'COVID-19 hardship'.

The seven partner organizations are the National Health Insurance Service, Seoul Regional Tax Office, Council of District Mayors, KT Corporation, Shinhan Card, BC Card, and KB Kookmin Card.

They are jointly cooperating throughout the entire process, including system development for application and payment of the survival fund, securing reception desks, and verifying applicant status, and plan to begin full-scale support soon.

Seoul City is responsible for securing the necessary budget, establishing support plans, and setting applicant eligibility criteria, while the National Health Insurance Service, Seoul Regional Tax Office, and the three card companies verify applicant information such as income and employment of small business owners and self-employed individuals. KT develops and operates the system to allow small business owners and self-employed individuals to apply online, and each autonomous district secures offline reception desks and disburses the support funds.

The Seoul City Self-Employed Survival Fund directly provides cash support of 700,000 KRW per month for two months to self-employed individuals and small business owners in Seoul with annual sales under 200 million KRW, serving as a 'survival stepping stone' to prevent closures due to COVID-19.

Seoul City expects that 72% of small business owners located in Seoul, approximately 410,000 establishments, will receive support.