Best Efforts for Livelihood Recovery... Yeongdeungpo-gu Launches 26.1 Billion KRW 'Comprehensive Plan for Revitalizing the Livelihood Economy'

Pushing Forward a Comprehensive 26.1 Billion KRW Plan Across Five Key Areas to Revitalize the Livelihood Economy
Expansion of Loan Support, Early Issuance of Yeongdeungpo Love Gift Certificates, and Support for Traditional Markets
Small Business Owners Are the Roots of the Local Economy... All-Out Efforts for Stabilizing Neighborhood Commercial Districts

Choi Ho-gwon, Mayor of Yeongdeungpo District, holding a meeting on measures to revitalize the people's economy

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that it will implement a comprehensive "Livelihood Economy Revitalization Plan" worth 26.1 billion KRW to breathe new life into the frozen local economy.

The shrinking livelihood economy is causing difficulties for small and medium-sized enterprises (SMEs) and small business owners. Accordingly, since last month, the district has been holding "Livelihood Economy Revitalization Policy Meetings" to listen to the on-site challenges faced by small business owners and discuss solutions.

The "Comprehensive Livelihood Economy Revitalization Plan" allocates a total of 26.1 billion KRW with the main goal of revitalizing the livelihood economy, including policies in five areas: ▲support for small business owners ▲support for traditional markets and shopping districts ▲job creation, among others.

First, the district will expand the SME Development Fund loan support from the existing 6 billion KRW to 8 billion KRW to help stabilize the management of SMEs and small business owners facing financial difficulties.

Additionally, a "Special Contribution Business Agreement for Livelihood Economy Revitalization" has been signed with financial institutions including the Seoul Credit Guarantee Foundation to provide special guarantees.

Various gift certificates will also be issued to stimulate the domestic market. On the 15th, in celebration of the Lunar New Year holiday, 8 billion KRW worth of Yeongdeungpo Love Gift Certificates will be issued early. Starting in February, the "Yeongdeungpo Ttaenggyeoyo Gift Certificate," usable on the public delivery app "Ttaenggyeoyo," will be sold at a 15% discounted price.

Support measures for revitalizing traditional markets and shopping districts are also included. By repairing aging arcades (roofs) and repaving roads, among other facility renovations and modernization, the competitiveness of commercial areas will be strengthened to attract visitors.

Choi Ho-gwon, Yeongdeungpo District Mayor, Visits Traditional Market for Lunar New Year

Furthermore, the district will expand the operation of the direct transaction market "Eoullim Market," held in front of the district office plaza, to provide stable sales channels for market merchants.

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, stated, "The livelihood economy can only be revived when small business owners, the roots of the local economy, stand firm. We will do our utmost to ensure that the shrinking commercial areas recover and the warmth of economic vitality returns swiftly."