Seoul City to Provide 3 Million Won 'Recovery Support Fund' to Small Business Owners Closed Due to COVID-19

From January last year to June this year, support for 3,000 small business owners of store-type businesses who have closed or plan to close
Costs incurred after closure decisions and support for reestablishment and reemployment

The door of a closed store in Myeongdong, Seoul is firmly locked. The padlock is rusted, showing how much time has passed. We hope the COVID-19 situation calms down soon so that small business owners and self-employed people can smile brightly again. / Photo by Moon Honam munonam@

[Asia Economy Reporter Lim Cheol-young] Seoul City is providing a stepping stone for small business owners who were forced to close their stores due to the prolonged COVID-19 pandemic to safely wind down their businesses and restart.

On the 18th, Seoul City announced that it will provide 3 million KRW in support funds to 3,000 small business owners with store-type businesses who have closed or plan to close their businesses from January last year to June this year, to help them safely wind down their operations and restart. This project is being carried out by securing additional budget through the first supplementary budget to provide practical support to small business owners by covering business closure costs incurred after the closure decision, as well as costs for vocational training for re-starting or re-employment.

The support targets are small business owners with store-type businesses whose business registration address is in Seoul and who have operated for more than six months as of the application date. Those who have closed or plan to close their business can apply. Small business owners wishing to receive support can apply online from the 27th on the ‘Business Closure and Restart Support Project Website’. The project may end early if the number of applicants surges.

The business owner listed on the business registration certificate must apply in person, and since all application steps are conducted online, applicants must prepare their identity verification methods in advance to apply without any issues.

Han Young-hee, Director of Labor, Fairness, and Coexistence Policy at Seoul City, said, “The purpose of this project is to support small business owners who decided to close their stores with tears due to the prolonged COVID-19 pandemic but found it difficult to close their businesses because of various obstacles such as demolition costs, so they can safely wind down their businesses and stand up again.” She added, “We will quickly provide support to ease the difficulties faced by small business owners and self-employed people on the brink of closure and help them prepare for a stable future.”