The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on the 14th that it will be promoting the 'Global Commercial District Project' to create 'Global and Local Brand Commercial Districts' where local creators connect regional human and material resources to attract domestic and international populations, and recruiting a creation team to carry out this project.
The 'Global Commercial District Project' is a project that supports local creators who are spontaneously creating so-called 'Ridan-gil' by cooperating with existing merchants to revitalize the region and increase the value of the commercial district, and further accelerates their efforts and leads to autonomous commercial district management to prevent gentrification. Through this, the goal is to create a 'Global Commercial District' as a representative successful model for revitalizing the region.
The competition will be divided into a global commercial district creation team and a local brand creation team, and the global commercial district creation team will be supported with up to 5.5 billion won in the first year and up to 15.5 billion won over 5 years, while the local brand creation team will be supported with up to 500 million won in the first year and up to 1 billion won over 2 years.
The Global Commercial District Creation Team will focus on supporting 10 related projects in the first year, including the Ministry of SMEs and Startups’ local brand creation project, neighborhood commercial district development center, neighborhood commercial district consulting, matching loans, and neighborhood funding, and will focus on ▲local commercial district planning ▲discovering and fostering creative talent ▲fostering anchor stores. From the second year, the team plans to create commercial districts that people from all over the world visit by providing local infrastructure, connecting human and physical assets within commercial districts, improving commercial district environments, and holding festivals, centered on the private sector and local governments.
Local creators considering participating in the global commercial zone creation project must team up with small business owners located within a 1km radius and form a consortium with local governments to support the business. The areas eligible for support are commercial areas with 30 or more stores, (preliminary) autonomous commercial zones, or (preliminary) regional symbiotic zones.
Meanwhile, the local brand commercial district creation team will provide 500 million won in business funds that can be used for local business expansion such as joint branding and product development by the Ministry of SMEs and Startups in the first year, and for operating startup and innovation programs for local small business owners. In the second year, 500 million won will be provided to local governments to expand alley industries such as planning commercial district-linked festivals and expanding joint branding.
Local creators considering participating in the local brand commercial district creation project must team up with small business owners located within a 1km radius and receive support, and local governments must match the funds.
Lee Dae-geon, the director of the Small Business Policy Bureau, said, “This project is a private-sector-led commercial district project that combines several small business projects that were previously supported individually into a single project, and is designed to be led by the private sector and supported by the government and local governments.” He added, “We will actively support local commercial districts to develop into global commercial districts that many people from Korea and abroad visit and stay in, thereby creating a world-class global city that people from all over the world seek out, and preventing the extinction of regions.”
Detailed information on business applications can be found on the official website of the Ministry of SMEs and Startups and the official website of the Small Business Market Promotion Agency from the 14th, and applications can be submitted from the 28th to March 14th on the Small Business 24 website .
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