Incheon TP Extends Rent Reduction for Small Businesses Facing 'COVID-19 Financial Difficulties' Until March

Roboland Resident Companies Receive 50% Discount Until June

Michuhol Tower owned by Incheon Technopark
[Photo by Incheon Technopark]

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) announced on the 21st that it will extend the rent reduction for tenant support facilities for small business owners suffering from the novel coronavirus disease (COVID-19) crisis.

Incheon TP decided to extend the rent reduction for small business owners residing in Incheon TP-owned buildings such as Michuhol Tower, Gaetbeol Tower, and IT Center for several more months until March, to ease the difficulties of self-employed people whose management hardships have intensified due to business restrictions.

With this measure, two businesses subject to long-term closure orders will receive a 50% rent reduction, and 21 small businesses will receive a 40% rent reduction. The total amount of the reduction will reach about 41 million won over three months, approximately 14 million won per month.

Rent for tenant companies and institutions in the Robot Land robot industry promotion facilities, such as the Cheongna International City Robot Tower and Robot R&D Center, will also be reduced by 50% until June. Incheon TP plans to reduce rent by up to 80% depending on the scale of damage such as sales decline.

Currently, 61 robot-related companies and institutions are residing in the Robot Land robot industry promotion facilities.

An Incheon TP official said, "This measure is intended to share and wisely overcome the crisis together in difficult times," adding, "We hope this will help small business owners and companies deeply distressed by the prolonged business downturn caused by COVID-19."