Nowon-gu, First Supplementary Budget of the 8th Elected Term Toward a Cultural City to Look Forward to Tomorrow

[Seoul District News] Nowon-gu Allocates 49.6 Billion KRW for 130 Projects in 6 Areas Including Future, Transportation, Culture, Healing, Education, Health & Welfare & Reflects Major Projects Such as Nowon Brand Festival Revitalization, Suraksan Dongmakgol Natural Recreation Forest Development, Expansion of Nowon Love Gift Certificates... Geumcheon-gu Supports 3.9 Billion KRW for SME Development Fund & Up to 100 Million KRW per Company, 1.5% Annual Interest Rate, 1-Year Grace Period, 3-Year Equal Installment Repayment

[Asia Economy Reporter Park Jong-il] Nowon-gu (Mayor Oh Seung-rok) announced that it has prepared a supplementary budget proposal totaling 49.6 billion KRW.

This is to support livelihoods affected by COVID-19 and recent flood damage, and to focus on realizing the district government goal of the 8th term, "Nowon, a cultural city with a promising tomorrow."

The supplementary budget proposal includes an increase of 51.2 billion KRW for 130 general accounting projects and a decrease of 1.6 billion KRW for 7 projects, as well as an increase of 2.2 billion KRW for 10 special accounting projects, totaling 1.3266 trillion KRW, which is 51.8 billion KRW (4.07%) more than the original budget.

Key budget items include ▲14.5038 billion KRW for revitalizing the local economy ▲24.754 billion KRW for disaster and emergency response ▲27.449 billion KRW for cultural and sports projects to lay the foundation for a cultural city ▲42.3452 billion KRW for parks and leisure projects to complete the healing city.

The district will issue additional "Nowon Love Gift Certificates" to boost the sluggish domestic economy caused by the prolonged COVID-19 pandemic and increase sales at local small businesses. The issuance scale will be expanded from 10 billion KRW to 20 billion KRW, with a budget shortfall of 792 million KRW allocated accordingly. Additionally, 658.38 million KRW will be invested in facility installation support such as constructing a parking tower at Gongneung-dong Dokkaebi Market and installing elevators due to the demolition of the Sangye Station overpass.

Furthermore, 960 million KRW has been allocated to maintain the disaster management fund balance at an appropriate level for COVID-19 response and emergency disaster prevention and recovery activities. For flood prevention, 1.5154 billion KRW has been allocated for sewer pipe improvement construction and flood damage recovery and river management due to recent continuous heavy rains. Equipment maintenance for flood control facilities such as skid loaders and water spraying trucks will also be funded to minimize resident damage from floods.

Along with this, 2.7449 billion KRW has been allocated to support cultural projects that were lacking due to the prolonged COVID-19 pandemic. Budgets will be invested in festivals such as the "Nowon Tal Festival," which resumes after three years, "Nowon Moonlight Walk," and "Water Music Concert" to establish these festivals as Nowon's brand festivals.

To create "Nowon Culture Street," a commercial district with a high concentration of shops, as a differentiated cultural specialized street, design planning services will be conducted and an outdoor stage will be refurbished. Including the management of sports facilities such as the installation of the Jungnangcheon Snow Sledding Park planned for this winter, 2.06004 billion KRW has been allocated.

To complete the "Healing City" project, which was a focus during the 7th term, a total of 4.23452 billion KRW has been allocated. 394.19 million KRW is assigned for the creation of "Suraksan Dongmakgol Natural Recreation Forest," the nation's first urban-type recreation forest, which will begin construction next month. It will include 18 log houses with 25 rooms, walking trails, and healing facilities, expected to offer visitors a fairy-tale-like experience. In line with the district's goal to create distinctive neighborhood parks, 3.84033 billion KRW has been allocated for park and facility maintenance and refurbishment.

Additionally, welfare for vulnerable groups such as the disabled, elderly, and infants will be strengthened to make Nowon happy for all generations. A total of 1.022 billion KRW has been allocated for 19 projects including operating a disability-friendly beauty salon, supporting improvements to public daycare centers, and constructing a youth job center.

The supplementary budget proposal will be finalized at the plenary session on September 5 after passing through the standing committee and the special budget and accounts committee.

Oh Seung-rok, Mayor of Nowon-gu, said, "This supplementary budget focuses on revitalizing the stagnant local economy and accelerating the recovery of residents' daily lives through various cultural and leisure projects. We will do our best to complete the healing projects of the 7th term and lead the creation of Nowon as a cultural city with a promising tomorrow in the 8th term, so that all residents can be happy through culture."

Geumcheon-gu (Mayor Yoo Sung-hoon) will provide a total of 3.9 billion KRW from the Small and Medium Enterprise (SME) Development Fund to alleviate financial difficulties faced by struggling SMEs.

The support targets SMEs with their main office or business site in Geumcheon-gu, including manufacturing, knowledge industries, information and communication industries, and social economy enterprises. However, companies that have received support within the last five years are excluded.

Each company can receive up to 100 million KRW, with an annual interest rate of 1.5%. The repayment terms are a one-year grace period followed by three years of equal installments (four times a year).

Companies wishing to apply for the loan should download the application form from the "Notices and Announcements" section on the Geumcheon-gu Office website by September 16, fill it out, and submit it in person with supporting documents such as business registration certificates and VAT standard tax certificates to the Regional Economy Division on the 11th floor of the district office.

Submitted loan applications will be reviewed by the SME Development Fund Operation Deliberation Committee to decide on support eligibility. The development funds will be disbursed directly to selected companies after assessing their repayment ability at the Woori Bank Geumcheon-gu Branch.

Yoo Sung-hoon, Mayor of Geumcheon-gu, said, "I hope the SME Development Fund loan support will be of great help to companies facing difficulties."

For more details, inquiries can be made to the Regional Economy Division of Geumcheon-gu Office.