Seoul fund and partners back night-market small firms with 68.75 bn won
In short
The Seoul Credit Guarantee Foundation signed an MOU on 1 October with Hana Bank, Npay and Naver to provide 68.75 billion won in special guarantees to small businesses in districts designated under Seoul's Moonlight Night Market programme. Hana Bank will contribute 5 billion won, while Npay and Naver contribute 500 million won each. Six districts were selected this year, and the city plans to expand the programme to 25 districts by 2028.
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The Seoul Credit Guarantee Foundation said it signed a memorandum of understanding with Hana Bank, Npay and Naver on 1 October at the Sangbong food alley in Jungnang-gu, Seoul, to revitalise night commercial districts. Under the agreement, the foundation will provide special guarantees worth a total of 68.75 billion won to small businesses in districts selected under the city's Moonlight Night Market programme, Yonhap reported. [ 2 ]
Businesses in those districts, youth founders aged 39 or under who started their company within the past seven years, and operators with an “Npay Connect” terminal installed can receive preferential guarantee limits, according to Yonhap. Hana Bank will contribute 5 billion won to the programme, while Npay and Naver will contribute 500 million won each. [ 2 ]
Moonlight Night Market is a Seoul city project to extend the vitality of downtown commercial areas into alley districts and to increase tourists' stays and spending, Yonhap reported. Six districts were selected this year: Sero-sugil in Gangnam-gu, the Sadang Orak Moonlight Night Market area in Gwanak-gu, the Konkuk University food street in Gwangjin-gu, the Changdong Station shopping street in Dobong-gu, the Sadang 1-dong food alley in Dongjak-gu and the Sangbong food alley in Jungnang-gu. The city plans to expand the programme to 25 districts by 2028. [ 2 ]
“Starting with this cooperation, we will support small businesses' stable management while expanding regional win-win support linked to the city's commercial district revitalisation policies,” a Seoul city official said, according to Yonhap. [ 2 ]
Newsis reported the support in a headline, describing 68.7 billion won of assistance for small businesses under the Moonlight Night Market and night commercial district vitality. Yonhap gave the guarantee total as 68.75 billion won; the documents do not explain the difference. [ 1 , 2 ]
Why it matters
The guarantees target small businesses in alley commercial areas rather than major downtown districts, linking a city night-economy programme to funding from a bank and two platform companies. If the planned expansion to 25 districts by 2028 goes ahead, the scheme would reach a wider group of operators, though the documents do not say how many businesses the current guarantees cover or on what terms.
Key facts
- The Seoul Credit Guarantee Foundation signed an MOU with Hana Bank, Npay and Naver on 1 October at the Sangbong food alley in Jungnang-gu, Seoul. [ 2 ]
- The agreement provides 68.75 billion won in special guarantees for small businesses in Moonlight Night Market districts. [ 2 ]
- Hana Bank will contribute 5 billion won, and Npay and Naver 500 million won each. [ 2 ]
- Preferential guarantee limits apply to businesses in the selected districts, youth founders aged 39 or under within seven years of starting, and operators with an Npay Connect terminal installed. [ 2 ]
- Six districts were selected this year, and the programme is to expand to 25 districts by 2028. [ 2 ]
- Newsis headlined the support as 68.7 billion won for small businesses under the Moonlight Night Market, citing night commercial district vitality. [ 1 ]
Confirmed by several sources
- The Seoul Credit Guarantee Foundation signed a memorandum of understanding with Hana Bank, Npay and Naver on 1 October for the night commercial district programme. [ 2 ]
- The special guarantee programme totals 68.75 billion won. [ 2 ]
- Hana Bank, Npay and Naver will contribute 5 billion won, 500 million won and 500 million won respectively. [ 2 ]
- Moonlight Night Market is a Seoul city programme to spread commercial vitality from downtown districts to alley commercial areas and to increase tourists' stays and spending. [ 2 ]
- Six districts were selected this year, with expansion to 25 districts planned by 2028. [ 2 ]
- Both outlets reported the support on 5 October; Newsis headlined the figure as 68.7 billion won. [ 1 , 2 ]
Still unclear
- The amount of the guarantees is given as 68.7 billion won by Newsis and 68.75 billion won by Yonhap. The two reports differ slightly, a rounding difference the documents do not explain.
- Guarantee terms such as interest rates, guarantee periods and the number of businesses covered are not stated. Neither document provides these details.
- Newsis's report on this programme was available only as a headline. Its article text covered a separate military incident, so no additional detail on the guarantee programme was available from that outlet.