"New Hope Fund the Dawn After Application"… Dongnimmun Yeongcheon Market

Minister Park Young-sun of the Ministry of SMEs and Startups Conducts On-site Inspection on the 29th
Merchants Say "We Are Very Happy That the Second Round of Support Funds Is Released Quickly"

Park Young-sun, Minister of SMEs and Startups (left), is talking with merchants while checking the payment status of the 'New Hope Fund for Small Business Owners' during her visit to Dongnimmun Yeongcheon Market in Seodaemun-gu, Seoul on the 29th.

[Asia Economy Reporter Kim Daeseop] Park Young-sun, Minister of SMEs and Startups, visited the Dongnimmun Yeongcheon Market in Seodaemun-gu, Seoul on the 29th. She comforted traditional market merchants who are struggling due to the novel coronavirus disease (COVID-19) situation and checked the status of the New Hope Fund payments.

On that day, Minister Park met with merchants and reviewed how well they are utilizing the New Hope Fund for small business owners, which began to be paid from the 25th. She communicated with the merchants by identifying difficulties throughout the entire process, from receiving the New Hope Fund notification text messages, application status, to receiving the support funds. A shopping event for Chuseok was also held.

According to the Ministry of SMEs and Startups, 135 stores operate in Dongnimmun Yeongcheon Market. Among them, 74 stores are registered. Based on the New Hope Fund payment criteria, support funds have currently been paid to about 50 stores.

The merchants expressed gratitude for the Ministry’s prompt policy support, saying, "It is very good that the second round of support funds came out quickly when it is difficult to even pay the monthly rent due to the impact of COVID-19." One merchant expressed surprise, saying, "I applied and the money was deposited early the next morning."

Minister Park said, "I appreciate the efforts of traditional market merchants who have actively cooperated with COVID-19 prevention despite difficulties in business due to social distancing," and added, "The government has prepared and is supporting the New Hope Fund for small business owners to alleviate their difficulties even a little."

She continued, "I hope COVID-19 will subside quickly and that the livelihoods of small business owners will stabilize as soon as possible."