Financial Support for Seoul’s Nighttime Commercial Districts: KRW 68.7 Billion in Special Guarantees for the ‘Moonlight Night Market’

[Financial News] To revitalize Seoul’s nighttime commercial districts, KRW 68.75 billion in special guarantees will be made available. Following the Seoul Metropolitan Government’s efforts to strengthen nighttime content and attract tourists through the ‘Seoul Moonlight Night Market,’ it has linked the initiative with a financial program to help small business owners secure funding.
The Seoul Credit Guarantee Foundation announced on the 5th that it would provide a total of KRW 68.75 billion in special guarantees to small enterprises and small business owners in Seoul in cooperation with Hana Bank, NAVER Pay (Npay) and Naver.
Hana Bank will contribute KRW 5 billion, while Npay and Naver will contribute a combined KRW 500 million, bringing the total contribution to KRW 5.5 billion. Based on these contributions, the Seoul Credit Guarantee Foundation will establish a new special guarantee product.
In particular, the Seoul Credit Guarantee Foundation decided to offer preferential guarantee limits to business operators in the Moonlight Night Market commercial districts selected this year. Young entrepreneurs who started their businesses within the past seven years and are aged 39 or younger, as well as business operators that have installed an Npay Connect terminal, will also be eligible for the same benefit. Small enterprises and small business owners in Seoul that do not meet these conditions can use the special guarantees under the standard limit.
Earlier, the Seoul Credit Guarantee Foundation, Hana Bank, Npay and Naver signed a related agreement on the 1st at Sangbong Food Alley in Jungnang-gu, one of the Moonlight Night Market districts. Under the agreement, KRW 6.25 billion of the total special guarantees will be provided to businesses based in Jungnang-gu. They also held an event to select a young startup operating in a Moonlight Night Market district as the first beneficiary and provide it with a special guarantee.
This financial support is notable for being linked to the Seoul Metropolitan Government’s policy to revitalize the nighttime economy. The Moonlight Night Market project combines food, culture and tourism resources to foster commercial districts where residents and tourists can spend time at night. This year, six areas were selected: Sero-sugil in Gangnam-gu; the Sadang Orak Moonlight Night Market district in Gwanak District; Kondae Taste Street in Gwangjin District; Changdong Station Shopping District in Dobong District; Sadang 1-dong Food Alley in Dongjak District; and Sangbong Food Alley in Jungnang-gu.
The Seoul Metropolitan Government plans to expand the Moonlight Night Market project to 25 locations by 2028 to spread nighttime consumption and tourism demand from central Seoul to local commercial districts. Starting with this special guarantee program, the Seoul Credit Guarantee Foundation, Hana Bank, Npay and Naver also plan to expand support for small business owners in connection with the Seoul Metropolitan Government’s commercial district revitalization policies.

[email protected] Seong Cho-rong Reporter