'Seoul Tourism Recovery Leap Fund' Payments Begin on the 10th... 4,000 Companies Apply

Applications open until the 14th, 10 billion KRW support for 5,000 small businesses

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 9th that it will sequentially provide recovery leap funds starting from the 10th to tourism businesses struggling due to COVID-19. Over the past two weeks, about 4,000 companies have applied for the 'Seoul Tourism Recovery Leap Fund'.

The 'Seoul Tourism Recovery Leap Fund' is a project that provides a total of 10 billion KRW (2 million KRW per company) to 5,000 small tourism and MICE businesses located in Seoul, offering substantial support in addition to government disaster relief funds. Online applications have been accepted on the Seoul Tourism Foundation website from April 26 to May 14.

The 'Seoul Tourism Recovery Leap Fund' is available to any tourism or MICE small business (fewer than 5 employees, annual sales between 1 billion and 5 billion KRW) under the Tourism Promotion Act and Exhibition Industry Development Act, provided they submit the designated documents and pass eligibility verification to receive the support funds.

Jo Mi-sook, Director of Tourism Policy Division, said, “We hope that the Seoul Tourism Recovery Leap Fund will provide even a small help for the tourism and MICE industries to make a leap forward after enduring the long COVID-19 pandemic ordeal,” and added, “We urge Seoul tourism and MICE small business owners who have not yet applied to not forget to apply within the remaining week.”