Itaewon Commercial Area Recovery Gift Certificates 20% Discount Sale

Yongsan-gu Issues Second Round of Itaewon Commercial Recovery Gift Certificates

20% Discount Sales Start at 10 AM on March 8... Total Scale of 30 Billion KRW

Usable at Over 2,600 Yongsan Sarang Gift Certificate Merchants in Six Neighborhoods Near Itaewon

First Round Sales Ended on February 28... 10% Payback in Same Gift Certificates for Previous Buyers Using Their Certificates

Yongsan-gu will issue an additional 30 billion KRW worth of Itaewon Commercial Recovery Gift Certificates starting at 10 AM on the 8th, applying a 20% discount.

The usage period is until March 8, 2024.

This initiative aims to stimulate consumption among residents within the Itaewon commercial area and help increase sales for small business owners.

Previously, the district issued Itaewon Commercial Recovery Gift Certificates with a 10% discount. Approximately 3 billion KRW worth of certificates were sold from January 10 to February 28. Starting in April, a payback program will also be implemented, returning 10% of the amount spent using the certificates once a month in the form of Itaewon Commercial Recovery Gift Certificates.

The Itaewon Commercial Recovery Gift Certificates are mobile gift certificates that can be used like cash at Yongsan Sarang Gift Certificate affiliated stores located in the Itaewon commercial area (Yongsan 2-ga-dong, Itaewon 1 and 2-dong, Hannam-dong, Seobinggo-dong, Bogwang-dong). The maximum purchase limit per person is 700,000 KRW per month, with a holding limit of 1.5 million KRW.

The gift certificates come in three denominations: 10,000 KRW, 50,000 KRW, and 100,000 KRW. The 10,000 KRW certificate can be purchased for 8,000 KRW, the 50,000 KRW certificate for 40,000 KRW, and the 100,000 KRW certificate for 80,000 KRW.

Purchases can be made via smartphone. Buyers can use any of five applications (Seoul Pay, Shinhan SOL, T-money Pay, Moneytree, Shinhan Play) to purchase.

Payment is made by scanning the merchant's QR code and paying with the mobile gift certificate when purchasing goods or paying fees.

The certificates can be freely used at over 2,600 Yongsan Sarang Gift Certificate affiliated merchants such as academies, restaurants, hospitals, pharmacies, and convenience stores located in Yongsan 2-ga-dong, Itaewon 1 and 2-dong, Hannam-dong, Seobinggo-dong, and Bogwang-dong.

The district is promoting the gift certificates through six social media channels operated by the district, YouTube, local cable TV, media boards, village bus exteriors, and subway cars on lines 3, 4, and 6 to increase sales.

Starting in March, the district will encourage self-employed business owners in the Itaewon area to register as Yongsan Sarang Gift Certificate affiliated merchants and will hold street performances every Saturday until April.

Kim Seon-su, Acting Mayor of Yongsan-gu, said, “As temperatures rise and citizens plan spring outings, we will actively promote efforts to revitalize the commercial area so that people return to Itaewon.”

Dongdaemun-gu Implements 6 Billion KRW Small and Medium Enterprise Development Fund Loans

30 Billion KRW Loans Each in First and Second Half of Year... 1.5% Annual Interest Rate with 1-Year Grace Period and 4-Year Equal Installment Repayment

Small Business Owners Can Borrow Up to 30 Million KRW, SMEs Up to 100 Million KRW... First Half Loan Applications Accepted Until the 24th

Dongdaemun-gu (Mayor Lee Pil-hyung) is implementing a 6 billion KRW annual loan support program from the Small and Medium Enterprise Development Fund to stabilize management and alleviate financial difficulties for small business owners and SMEs struggling with rising interest rates, in cooperation with the Seoul Credit Guarantee Foundation Dongdaemun Branch and Kookmin Bank.

The loan amount is 3 billion KRW each for the first and second half of the year, offered at a low annual interest rate of 1.5%, with a 1-year grace period and 4 years of equal installment repayments.

Eligible applicants are small business owners and SMEs with at least six months of business operation located in Dongdaemun-gu. Small business owners can apply for loans up to 30 million KRW per business, and SMEs can apply for up to 100 million KRW per business.

Applications for the first half Small and Medium Enterprise Development Fund loans can be submitted from the 6th to the 24th of the month for three weeks and will close early if funds are exhausted. Applications for the second half loans are scheduled for September 2023.

Applicants wishing to apply should download the application form from the district website’s ‘Notices and Announcements’ section, complete it, and submit it in person along with necessary documents such as business registration certificates and VAT standard tax documents to the Small Business Support Team on the basement level 2 of the district office by the 24th.

Submitted loan applications will be reviewed by the Small and Medium Enterprise Development Fund Operation Deliberation Committee to decide on support eligibility. The loan amount will be finalized within the repayment capacity of the selected businesses.

For more details, check the district website’s ‘District News’ and ‘Notices and Announcements’ sections or contact the district office’s Small Business Support Team.

Lee Pil-hyung, Mayor of Dongdaemun-gu, stated, “This loan support program is implemented to provide some relief to small business owners struggling with rising interest rates. We will continue to explore various support measures so that small business owners do not lose hope and can continue their businesses.”