Dongjak-gu to Provide Up to 1.5 Million KRW in Seoul Economy Vitality Funds to Small Businesses

Applications open until July 30 for 7,975 small business owners receiving Support Fund Plus in restricted and prohibited gathering industries; up to 1.5 million KRW for prohibited industries, 600,000 KRW for restricted industries

[Asia Economy Reporter Jongil Park] Dongjak-gu (Mayor Changwoo Lee) will provide up to 1.5 million KRW per business as 'Seoul Economic Vitality Fund' to small business owners struggling due to quarantine measures implemented to prevent the spread of COVID-19.

This aims to broadly and thoroughly support industries severely affected by direct and indirect impacts of gathering bans and business restrictions that caused a sharp decline in sales.

The support targets 7,975 small businesses that received the Buffer Fund Plus under gathering ban and gathering restriction industries, with support amounts as follows: 1.5 million KRW for gathering ban (extended) industries such as indoor sports facilities; 1.2 million KRW for gathering ban (relaxed) industries such as academies and winter sports facilities; and 600,000 KRW for gathering restriction industries such as restaurants and cafes.

Small business owners who received application guidance via SMS can apply by visiting the Dongjak-gu Office Economic Promotion Division (9th floor, Yuhan Yanghaeng) or by submitting online through the 'Seoul Economic Vitality Fund' portal by July 30.

Additionally, the district is recruiting 'Good Landlords' who reduce or freeze commercial rent for small business owners actively participating in COVID-19 quarantine efforts despite decreased sales, until the 23rd.

Good Landlords will receive support such as ▲special savings accounts with a 5% preferential interest rate at Saemaeul Geumgo and Dongjak Credit Union ▲on-site building safety inspections by experts including architects and structural engineers ▲and rent reductions for stores located in district-owned properties.

For more details, please contact the Dongjak-gu Office Economic Promotion Division.

Kim Jungwon, head of the Economic Promotion Division, said, “The reason we are overcoming COVID-19 well is thanks to small business owners who actively cooperate with quarantine measures,” and added, “We hope the Seoul Economic Vitality Fund support will be of some help.”

Meanwhile, the district plans to provide 1.76 billion KRW interest-free from the Small and Medium Business Development Fund for one year to 88 companies facing economic crisis due to the prolonged COVID-19 situation, employment retention subsidies up to 1.5 million KRW per person to 272 unpaid leave workers, and 1 million KRW per person to cultural and artistic workers.