Geumcheon-gu, 57 Billion KRW Scale Livelihood Economy Support

Promotion of 12 Support Projects in 3 Major Areas Including Small Business Owners, Vulnerable Groups, and Affected Industries... 40 Billion KRW Geumcheon-type Special Credit Guarantee Loans, Interest-Free Loans for Small Business Owners... 12.6 Billion KRW First Supplementary Budget Proposal Including Livelihood Measures

[Asia Economy Reporter Park Jong-il] Geumcheon-gu (Mayor Yu Seong-hoon) is preparing support measures worth 57 billion KRW to support the local economy amid the prolonged COVID-19 pandemic.

The district confirmed the implementation of the Geumcheon-gu livelihood economy support plan totaling 57 billion KRW (including 40 billion KRW for the Geumcheon-type special credit guarantee) through discussions at the city-district mayor council and cost-sharing between the city and district.

Accordingly, an additional supplementary budget proposal of 12.6 billion KRW, including the livelihood economy support project expenses, will be prepared and submitted to the district council on April 7, with plans to additionally allocate funds from the disaster management fund and disaster contingency reserve.

Furthermore, preparations for livelihood measures have been completed, including submitting ordinances and amendments to the district council to support small business owners who have closed down and were previously overlooked, employment support funds for unemployed youth, and support for nursing facilities.

Under this livelihood economy support plan, support will be provided as follows: ▲ Up to 1.5 million KRW per business for businesses subject to gathering bans or restrictions ▲ 500,000 KRW per business for small business owners who closed due to COVID-19 ▲ 100,000 KRW per individual for low-income vulnerable groups ▲ 500,000 to 1 million KRW for elderly nursing facilities ▲ 500,000 KRW per person for taxi industry and village bus transportation workers ▲ 10 million KRW per village bus company ▲ 1 million KRW per daycare center ▲ 1 million KRW per local children's center ▲ 1 million KRW per individual for cultural artists in livelihood crisis ▲ 2 million KRW per business for small business owners in the tourism sector.

Additionally, 1.4 billion KRW will be invested to create public jobs, providing approximately 500 public job opportunities for vulnerable employment groups, including public labor and vaccination center support.

In particular, to thoroughly respond to the prolonged COVID-19 situation, an additional 1 billion KRW will be allocated to the district disaster management fund and 1 billion KRW to the disaster contingency reserve to actively cope with the COVID-19 situation.

Moreover, the ‘Geumcheon-type special credit guarantee loan project,’ a small business loan program proactively launched last year, will continue with a scale of 40 billion KRW, offering interest-free loans up to 30 million KRW for one year to small business owners in urgent need of funds.

In addition, a total of 1.5 billion KRW, including 300 million KRW from the district disaster management fund as a city-district matching project, will be invested to support living expenses for low-income vulnerable groups.

Mayor Yu Seong-hoon stated, “By preparing livelihood economy support measures, we will closely cover the blind spots of existing measures and swiftly implement plans to revitalize the local economy, doing our best to stabilize the lives of residents struggling due to the prolonged COVID-19 pandemic.”

For more details, please contact the Planning and Budget Division of Geumcheon-gu Office.