Incheon City Invests 3.9 Billion Won in Comprehensive Support for Small Business Owners from Startup to Re-Challenge

Incheon Metropolitan City (Mayor Yoo Jeong-bok) is establishing a safety net called 'Customized Support by Life Cycle' for small business owners and financially vulnerable groups who are on the brink due to high prices and high interest rates. The plan is to operate a comprehensive support system that encompasses the entire process from startup 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 to assist small business owners, small enterprises, and financially vulnerable groups centered around the Incheon Small Business Comprehensive Support Center.

The core of this measure is customized support that subdivides the life cycle of small business owners into 'Startup-Growth-Crisis-Re-Challenge'. New initiatives such as 'Incheon Alley Startup First Step Support' and 'Specialty Signboard Support' will be introduced for small business owners in the early stages of startup. Support for improving the business environment and developing sales channels will also be carried out concurrently to aid growth.

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 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 revitalize alley businesses, which are the foundation of local communities, the concept of 'branding' has been introduced. A new 'Customized Commercial District Branding' project will be launched to diagnose the characteristics of each commercial district and establish 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 Specialized Support Center, while legal support such as personal bankruptcy and rehabilitation, along with financial coaching, will be offered to financially marginalized groups sitting on a mountain of debt to help them achieve practical economic independence.

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