Jongno-gu Unlocks W3.7b in Local Funding Through Saemaul Geumgo Partnership

Jongno-gu has teamed up with Saemaul Geumgo to build a structure that keeps local funds circulating within the district's neighborhood economy.

The district signed an MOU with Saemaul Geumgo on Monday on the cooperative management of local subsidies. Under the agreement, subsidy recipients will be able to open and manage dedicated accounts and cards at any of 17 Saemaul Geumgo branches in the district starting in 2027.

The local subsidies covered by the agreement total about 3.7 billion won ($2.7 million). Jongno-gu said the deal will broaden the range of financial institutions available to subsidy recipients while generating a virtuous cycle by keeping local funds deposited and managed within district financial institutions. Subsidy recipients are to be selected following a review by the Local Subsidy Management Committee in October.

The agreement aligns with the local economic revitalization agenda that District Mayor Yoo Chan-jong has championed.

Yoo, who previously served as a Saemaul Geumgo chapter chairman and gained firsthand experience in the field, has long argued that reinvigorating the local economy requires not just administrative action but organic coordination among residents, small-business owners and financial institutions.

Building on the MOU, Jongno-gu plans to gradually expand its cooperation with Saemaul Geumgo beyond finance to include small-business support, neighborhood commerce revitalization, resident welfare and community contributions.

"To revitalize the local economy, it is important not only to support small-business owners directly but also to create a structure where money circulates within the neighborhood," District Mayor Yoo said. "I hope Saemaul Geumgo, which has long been close to residents and small-business owners, will become a strong partner in bringing new energy to the Jongno economy."