Geumcheon-gu Public, Private, and Public Institutions Unite to Foster Local Businesses

October 30: Signing of Business Agreement with Local Economic Organizations and Regional Commercial Area Development Council... Consulting Support to Resolve Management Difficulties of Traditional Markets, Small Businesses, and Small Merchants

[Asia Economy Reporter Park Jong-il] Geumcheon-gu (Mayor Yoo Seong-hoon) signed a business agreement on the 30th of last month at 4 p.m. in the small conference room of the district office with the Seoul Credit Guarantee Foundation and three local economic organizations to foster the local commercial district.

At the signing ceremony, Mayor Yoo Seong-hoon, the chairman of the Seoul Credit Guarantee Foundation, the president of the Geumcheon-gu Small Business and Self-Employed Association, the Geumcheon-gu Traditional Market Merchants' Federation, and the chairman of the Seoul Entrepreneurs Association Geumcheon branch attended and pledged to actively cooperate to revitalize the stagnant local economy.

According to the agreement, the district will coordinate the public-private-local economic council and operate a working committee to establish support plans for fostering the local economy.

The Seoul Credit Guarantee Foundation will operate comprehensive support projects such as self-employment clinics and store facility improvements through policy research and development specialized for small businesses and self-employed, and analysis of the local commercial district.

The ‘Geumcheon-gu Small Business and Self-Employed Association,’ ‘Geumcheon-gu Traditional Market Merchants' Federation,’ and ‘Seoul Entrepreneurs Association Geumcheon branch’ will jointly seek solutions to management difficulties faced by small businesses and self-employed, and support promotion and participation to ensure the effective implementation of this cooperative project.

Meanwhile, during the ceremony, there was also a session to discuss customized support plans for Geumcheon-gu based on the analysis results of the Geumcheon-gu commercial district.

Han Jong-gwan, chairman of the Seoul Credit Guarantee Foundation, stated, “This year, due to COVID-19, sales sharply declined and self-employed people struggled with financial difficulties, but Geumcheon-gu proactively implemented loans worth 60 billion won, which was a great help to the self-employed,” and added, “The foundation will actively participate not only in financial support but also in management support.”

Yoo Seong-hoon, mayor of Geumcheon-gu, said, “Geumcheon-gu is a place where G-Valley, traditional markets, shopping streets, and alleyway commercial districts coexist,” and added, “Since traditional markets, small businesses, and the self-employed are the foundation of the local economy, we will implement various support measures that can be felt firsthand through this business agreement.”