Seoul districts implement big data support for small businesses

Districts in Seoul, including Jung-gu and Geumcheon-gu, are partnering with the Seoul Credit Guarantee Foundation to implement data-driven support policies for small business owners.

Jung-gu has established a tripartite support system involving big data analysis, special guarantees, and low-interest loans. Through an agreement with the Seoul Credit Guarantee Foundation, the district will analyze commercial district and industry data to refine its policies. Additionally, Jung-gu has secured an increased special guarantee limit of 43.75 billion won through contributions from various banks, including KB Kookmin Bank, Hana Bank, and KakaoBank. The district is also providing low-interest loans at a fixed rate of 1.5% for small businesses to assist with operating and facility costs.

Similarly, Geumcheon-gu has signed a memorandum of understanding with the Seoul Credit Guarantee Foundation to utilize big data—such as floating population, sales, and rent trends—to identify the needs of local commercial districts. This collaboration aims to classify debtors into specific risk groups to provide tailored financial policy suggestions and enhance the effectiveness of local support programs.