Jungnang-gu to use big data to sharpen support for small businesses

Seoul's Jungnang-gu will use big data to analyze local commercial districts and the operating conditions of small businesses, with the aim of developing more targeted support policies.

The district announced Tuesday that it had signed a memorandum of understanding with the Seoul Credit Guarantee Foundation on a "big data-based cooperation agreement for supporting Jungnang-gu's local commercial districts and small businesses."

The MOU was pursued to help the district respond to a rapidly shifting economic environment by using objective data to track changes in small-business conditions and commercial activity, and to build support policies better suited to local needs.

Under the agreement, the Seoul Credit Guarantee Foundation will analyze small-business operating conditions and trends, local commercial district activity, and the state of financial services in the area, and share its findings with the district. It will also provide tailored analysis on specific topics at the district's request.

Jungnang-gu plans to use the data to understand the characteristics of commercial districts and small-business conditions by area and sector, and to apply those insights to support programs and policy development. The district aims to identify demand-driven initiatives through data analysis and translate them into greater business stability and stronger competitiveness for neighborhood commercial districts.

The district is also expanding financial support for small businesses. On Oct. 1, it signed a separate agreement with the Seoul Credit Guarantee Foundation and others to secure an additional 6.25 billion won ($4.66 million) in special credit guarantees, bringing total financial support for this year to 41.25 billion won.

Youth entrepreneurs and small-business owners in the Dalbich Yajang commercial district will receive preferential treatment, with guarantee limits raised by up to 130%, as part of a broader effort to tailor financial support to individual business conditions and local commercial characteristics.

Jungnang-gu District Mayor Ryu Gyeong-gi said the MOU would allow the district to gain a clearer picture of conditions facing local businesses and commercial districts, and to develop data-driven support policies with real impact. "We will continue to identify financial support measures and tailored policies that make a genuine difference to small-business stability, and work to strengthen the competitiveness of local commercial districts to bring vitality to the local economy," Ryu said.