Geumcheon-gu's Genuine Efforts to Revive the Local Economy... Support for SME Management Stability Loans and More

Support for Stable Management of SMEs (Loan and Design Development Assistance)
Remodeling of G-Valley Corporate Citizen Hall and Opening of Business Support Center in Complex 2... Support for SMEs Expanding Overseas Markets

"The growth of businesses is essential for the vitality of the local economy. Geumcheon-gu will continue to provide unwavering support so that small and medium-sized enterprises (SMEs) and startups can establish themselves stably and grow."

Yoo Seong-hoon, the mayor of Geumcheon-gu, is accelerating support for local businesses. Tailored support measures are being prepared in line with the area's characteristics, which include many IT and startup companies, with the aim of playing a pivotal role in driving business growth.

What differentiates Geumcheon-gu most from other districts in Seoul is that it is an "economic city growing together with businesses and industries."

G-Valley, transformed into a high-tech industry hub, is not only the core growth engine of Geumcheon-gu's economy but has also emerged as South Korea's premier center of economic activity. As of 2023, G-Valley’s annual production value reaches 14 trillion KRW, and its annual export volume amounts to 2.8 billion USD. It is truly deserving of the title "Korea’s Silicon Valley."

Geumcheon-gu is implementing various policies to help SMEs and startups build solid competitiveness, including ▲ support for stable management of SMEs ▲ operation of business support centers and corporate citizen halls ▲ support for SMEs to develop overseas sales channels.

Support for Stable Management of SMEs (Loan Support, SME Design Development Support)

To support SMEs facing difficulties in financing, a low-interest loan program is being expanded to provide a stable management environment. The loan interest rate (0.8% per annum) is the lowest among Seoul’s districts, with a total scale of 5 billion KRW and a limit of 100 million KRW per company.

When companies launch new products, design is a crucial factor determining the success or failure of the product. The district supports design innovation for companies through professional consulting and matching with design specialist firms. Last year, Geumcheon-gu opened the nation’s first design-specialized library operated by a local government, the "Geumcheon Gasan Public Design Small Library."

As G-Valley has grown into Seoul’s largest cradle for youth startups, in December 2023, the district renovated the Corporate Citizen Hall into an industrial exchange innovation space.

Focusing on providing a space for cooperation among G-Valley entrepreneurs, a large conference hall was created to support corporate open innovation. "Open innovation" refers to an open innovation approach that enhances the efficiency and success potential of technology development by sharing and utilizing external technologies or knowledge.

The "Business Support Center" is a facility that provides administrative services such as issuance of resident registration certificates and corporate seal certificates, as well as customized consultations for G-Valley companies. Previously, only one center operated in Complex 3, but last year a new center was opened in Complex 2 to improve accessibility.

Services not previously handled at the Business Support Center, such as "change of address registration" and "resident ID card reissuance," were added, and a community room that can be used as a business workspace was created to enhance convenience.

Support for SMEs to Develop Overseas Sales Channels

Active support is also provided to help companies enter the global market.

The "Advanced Industry Exhibition Participation Support Project" provides up to 3 million KRW to companies participating in domestic and international advanced industry exhibitions. Both online and offline exhibitions related to advanced industries at home and abroad are eligible.

The "Overseas Promising Expo Participation Support Project" supports participation in well-known overseas exhibitions by providing interpreters and incidental expenses so that companies can meet buyers from around the world. This year, related local companies are scheduled to participate in the "Tokyo Health & Beauty Expo" in Japan and the "International Consumer Electronics Show" in Germany.

The district also operates the "Overseas Buyer Invitation Export Consultation," where companies can meet buyers from promising overseas companies directly. Buyers likely to import domestic companies’ products participate after prior verification, and participating companies receive professional export consulting.

Additionally, the "G-Valley Export Support Online Platform," a free search service for export support programs, has been established. Using AI-based export support programs at the Business Support Center, companies can access information on over 150 million companies and financial data, as well as receive services such as contract review and business information.

Yoo Seong-hoon, mayor of Geumcheon-gu, said, "We will raise Geumcheon-gu’s status as a hub for advanced IT new industries, attract competitive companies, and create conditions where more workers can be employed." He added, "Marking the 30th anniversary of the district’s establishment this year, Geumcheon-gu has set its vision for the next 30 years as 'leaping into one of Seoul’s four major economic hubs' and is currently selecting concrete action tasks to be implemented in order of priority."