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Economy & Investment News

  • One-stop Support Center for Small Businesses

  • Economy & Investment News SMG 3720

    The Seoul Metropolitan Government (SMG) is set to announce a comprehensive plan comprised of four fields for supporting small businesses, and will operate the comprehensive support system with the goal of strengthening the competitiveness of small business workers and helping them become institutionally protected, as they are all too frequently left economically vulnerable.

    As the first step of the comprehensive support system, the SMG will operate the Seoul Private Business Support Center, which will provide a one-stop support service for small businesses. The center, in cooperation with 10 private enterprises and support groups, will support small businesses by combining private funds and expertise.

    ① Providing a customized one-stop service by life cycle

    First, information about overcrowded industries and start-up risks are provided through local business analysis services using big data to prevent people from starting businesses without sufficient preparation. Starting in 2016, the SMG began the analysis service for 1,008 local businesses, and after 2017 it will expand and enhance the service.

    For small business cooperatives comprised of more than three private businesses preparing facilities and marketing business plans, the SMG supports a maximum of 100-million-won business expenses (10% self-pay) for tasks such as securing joint facilities, developing a co-brand, maintaining the neighboring environment of the store, and others.

    ② Revitalizing the local businesses with resident participation and creating a healthy ecosystem of private businesses

    The SMG helps autonomous districts, businessmen, and residents be the main agents of their local economies by encouraging them to play a leading role in revitalizing local businesses, and reinforces the provision of sales areas, securing of distribution networks, and marketing support for small business owners by operating night markets and city markets.

    The night markets and city markets will be expanded and transformed into tourist attractions with various forms of entertainment such as culture, food, and others. Using the advantages of urban markets operating in various places throughout the downtown area, the SMG provides an opportunity to citizens for excitement and new experiences.

    ③ Providing an annual financial support of 1 trillion won and resolving issues relating to financial blind spots

    The SMG will provide an annual financial support of 1 trillion won for small businesses with low credit scores that have difficulties in securing funds in order to afford them stable management.

    ④ Supporting the commercial building lease and franchise protection, and the coexistence of the large, medium, and small distribution industry

    The SMG has introduced a long-term security system for commercial buildings to create an environment in which small businesses can do business without constraint, and now supports business owners who are paying rent to do business without having to worry about moving their workplace by supporting the capitalization of commercial buildings, and also provides assistance in dispute conciliation and damage relief relating to commercial building leases.

    Inquiries: Small Business Support Division 02-2133-5533, Private Business Support Center 02-2174-5218