Jungnang-gu Provides 500,000 Won Support to Small Business Owners in Closed or Restricted Sectors

Unemployed Residents Aged 19-34 in Jungnang with Graduation Within 2 Years Eligible for 500,000 KRW... Interest-Free Loans Up to 20 Million KRW for Businesses Open Less Than 6 Months and Credit Scores Above 595

[Asia Economy Reporter Jongil Park] Jungnang-gu (Mayor Ryu Kyung-gi) has been providing disaster relief funds since April to vulnerable groups and affected industries suffering from the prolonged COVID-19 pandemic in four major areas: ▲small business owners ▲vulnerable groups ▲affected industries ▲and blind spot quarantine support, covering 13 projects.

Most of the 13 projects have been completed, and currently applications are being accepted for ▲closed small business owners in industries subject to gathering bans and restrictions (500,000 KRW per business) and ▲unemployed youth employment incentives (Jungnang Love Gift Certificates worth 500,000 KRW per person).

First, the support target for closed small business owners includes small business owners who operated businesses subject to gathering bans and operational restrictions and have closed their business in Jungnang-gu. However, the closure date must fall between March 22, 2020, and April 14, 2021, and the business must have been operated for at least 90 days before closure. The application period is until August 13 (Friday), and applications can be submitted in person or by registered mail to the relevant department by industry (refer to Jungnang-gu Office website).

The unemployed youth employment incentive targets residents of Jungnang-gu aged 19 to 34 (born between 1986 and 2002) who are within two years of graduation from their highest level of education and are currently unemployed. In principle, those not enrolled in employment insurance are eligible, but those working less than 26 hours per week or in short-term jobs of less than three months can also apply. However, university (graduate) students and students on leave are excluded from eligibility.

The application period is until June 30, and applications are made through the ‘Seoul Youth Portal.’ For detailed inquiries, contact the Job Creation Division of Jungnang-gu Office.

Jungnang-gu is also working hard to overcome the crisis by providing interest-free loans worth 20 billion KRW to small business owners.

The loan targets businesses located in Jungnang-gu with at least six months of business experience and a personal credit score of 595 or higher, with support up to 20 million KRW per business.

The loan terms are a one-year grace period followed by four years of installment repayment, with the first year’s interest fully covered by the district office. Applications are accepted until the loan funds are exhausted. For more details, contact the Corporate Support Division of Jungnang-gu Office.

Mayor Ryu Kyung-gi of Jungnang-gu said, “Since the start of the crisis relief fund distribution in April, most eligible residents have received support, but there are still some who have not applied. We hope that closed small business owners and unemployed youth who meet the support conditions will apply for the disaster relief funds as soon as possible to help overcome the difficulties caused by COVID-19, even if just a little.”