Nowon-gu Provides Small Business Owners with 700,000 KRW Monthly 'Self-Employed Survival Fund' Support

Small Business Owners in Nowon-gu with Annual Sales Under 200 Million KRW in 2019, Operating for Over 6 Months as of End of February This Year, and Still Operating on Application Date... Online and In-Person Applications Accepted Until the 30th This Month

[Asia Economy Reporter Jong-il Park] Nowon-gu (District Mayor Oh Seung-rok) is providing ‘Self-Employed Survival Funds’ to help small business owners struggling with management difficulties due to the novel coronavirus infection (COVID-19).

This is to prevent bankruptcy and unemployment among self-employed businesses with fewer than five employees, providing a total of 1.4 million KRW in cash, 700,000 KRW per month for two months.

The support targets small business owners located in Nowon-gu with annual sales under 200 million KRW in 2019 (100 million KRW if the business period is less than six months), who have been operating for more than six months as of the end of February this year and are still in operation at the time of application. However, manufacturing, mining, construction, and transportation industries with fewer than 10 employees are eligible, while entertainment establishments and industries such as gambling, pleasure, and speculation are excluded from support.

The application period is until the 30th of this month, and applications can be made online or in person. For online applications, applicants can access the Self-Employed Survival Funds support website, complete mobile phone identity verification, and enter related information such as business registration number and consent to personal information use.

To facilitate smooth reception, online applications operate on a five-day rotation system. If the last digit of the business owner’s birth year is 1 or 6, applications are accepted on Monday; 2 or 7 on Tuesday; 3 or 8 on Wednesday; 4 or 9 on Thursday; 5 or 0 on Friday; and applications are accepted on both Saturday and Sunday regardless of birth year.

In-person applications can be made from the 15th to the 30th at the Self-Employed Survival Funds Center on the first floor of the district office (9 AM to 5 PM) and at seven Woori Bank branches in the area (9 AM to 4 PM).

When applying in person, applicants must submit identification, business registration certificate, bankbook copy, and a power of attorney if applying on behalf of someone else. Additionally, transportation business operators need to provide a passenger car transportation business license or freight car transportation business permit. In-person applications operate on a ten-day rotation system: the 15th is for birth years ending in 0, the 16th for 1, the 17th for 2, and so on sequentially. Applications are not accepted on Saturdays and Sundays, but on the 29th and 30th, applications are accepted without restrictions.

The district office will notify selected applicants via text message and then transfer the support funds to their accounts. If there is no record of business suspension or closure on the National Tax Service’s Hometax system after the initial payment, the second installment will be provided, and the funds can be used without restrictions. However, the Self-Employed Survival Funds cannot be received simultaneously with Seoul City’s manufacturing business support funds.

Since May, the district has also been running an employment retention support program that provides 500,000 KRW per month for two months to workers of businesses with fewer than 50 employees who take unpaid leave for five days or more. So far, 186 applications have been received, and 100 million KRW has been supported.

District Mayor Oh Seung-rok said, “The Self-Employed Survival Funds will help small business owners struggling with management difficulties due to COVID-19,” and added, “We will continue to do our best to prepare policies that can support small business owners.”