Incheon City Invests 3.9 Billion Won in Comprehensive Support for Small Business Owners from Start-up to Re-challenge

Incheon Metropolitan City (Mayor Yoo Jeong-bok) is establishing a safety net called ‘Tailored Support by Life Cycle’ for small business owners and financially vulnerable groups who are on the brink due to high prices and interest rates. The plan is to operate a comprehensive support system that encompasses the entire process from start-up to closure and re-establishment, going beyond fragmented budget support.

On the 4th, Incheon City announced that it will invest a total of 3.9 billion won to fully implement various support projects aimed at helping small business owners and small enterprises, centred around the Incheon Small Business Comprehensive Support Centre.

The core of this measure is tailored support that subdivides the life cycle of small business owners into ‘Start-up - Growth - Crisis - Re-challenge’. New initiatives such as ‘Incheon Alley Start-up First Step Support’ and ‘Distinctive Signboard Support’ will be introduced for small business owners in the early stages of start-up. Support for improving the business environment and developing sales channels will also be provided concurrently.

In particular, the ‘New Start’ support for small business owners facing the limitation of closure stands out. The city plans to expand support for store demolition and restoration costs, while also providing vouchers for technical training and health check-ups to help closed small business owners take care of their health and prepare for a new life.

To revitalise local commercial districts, which are the foundation of community, the concept of ‘branding’ has been introduced. A new project called ‘Tailored Commercial District Branding’ will be launched, diagnosing the characteristics of each commercial district and establishing strategies in collaboration with private experts. Efforts will also be made to create a sustainable commercial ecosystem by supporting joint marketing through the activation of ‘Our Village Merchant Association’.

For small enterprises, which are the roots of the manufacturing industry, support for the introduction of smart processes and improvement of manufacturing environments will be provided through the Songlim Small Enterprise Specialised Support Centre, while legal support such as personal bankruptcy and rehabilitation, along with financial coaching, will be offered to financially excluded groups sitting on a mountain of debt to help them achieve practical economic independence.

Kim Sang-gil, head of the Economic and Industrial Headquarters, emphasised, “This project is significant in establishing a comprehensive system to strengthen the self-reliance base of small business owners and support sustainable growth,” adding, “We will lead the recovery of the local economy with policies that reflect on-site demand.”