Mapo-gu is expanding its special credit guarantee program and building a big data-driven support system for local small businesses and self-employed merchants struggling amid the economic downturn, district Mayor Yoo Dong-gyun announced.
The district signed a "special contribution MOU for close-knit local economic support" with the Seoul Credit Guarantee Foundation, saemaul credit unions, Hana Bank and KakaoBank on Friday. A separate MOU on big data-based commercial district support and cooperation was also concluded with the Seoul Credit Guarantee Foundation.
The signing ceremony, held at Mapo District Office's main conference room, was attended by District Mayor Yoo Dong-gyun, Seoul Credit Guarantee Foundation Chairman Choi Hang-do, Korea Federation of Community Credit Cooperatives Seoul Regional Headquarters Director Bae Jun-seong, Mapo-gu Saemaul Credit Union Council Chairman Lee Chang-hwan, Hana Bank Western Business Division Head Yoo Chung-seon and KakaoBank Credit Division Head Kim Seong-su.
In the first half of this year, the district provided 31.25 billion won ($21.3 million) in special credit guarantees in partnership with Woori Bank and Hana Bank. The new MOU adds a further 10.25 billion won, bringing the total low-interest financial support program to 41.5 billion won.
Community-focused saemaul credit unions and mobile-banking specialist KakaoBank join as new partner institutions, while Hana Bank has committed additional contributions — a combination expected to broaden small merchants' access to financing and their range of options.
The special credit guarantee program allows small businesses and self-employed operators who lack sufficient collateral to secure bank loans through guarantee certificates issued by the Seoul Credit Guarantee Foundation. Interest rates range from 2.61 to 3.11 percent per annum, tied to the three-month CD floating rate, with a maximum loan limit of 100 million won per business.
Businesses wishing to apply can book a consultation through the Seoul Credit Guarantee Foundation's website or customer center and then visit the foundation's Mapo Comprehensive Support Center in person. Sole proprietors may also apply through the foundation's mobile app.
Alongside this, the district will work with the Seoul Credit Guarantee Foundation under the MOU to advance big data-based commercial district analysis and policy development.
At the signing ceremony, Ahn Young-su, head of the Seoul Credit Guarantee Foundation's Small Business Policy Research Center, presented an analysis of Mapo-gu's commercial districts and outlined a framework for cooperation.
Under the agreement, the Seoul Credit Guarantee Foundation will supply commercial district data — including foot traffic, industry-by-industry conditions, store counts and rental prices — and provide policy recommendations based on its findings.
Mapo-gu plans to use the data to track shifts in local commercial activity and consumer trends, identify support programs tailored to each neighborhood's characteristics, and sharpen the effectiveness of its policies.
"Small business owners need timely financial support to keep their operations running, and local government must pursue precise, data-driven policies," District Mayor Yoo said. "I hope this MOU becomes a meaningful first step toward jointly nurturing and taking responsibility for Mapo's local economy."
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