Lower rent of business space for the youth
- Division
- International Cooperation Division
- Date
- 2018.06.11
- Writer
- Deputy Director Young Soon Lee
- File
- Headline
- Store spaces located in LH’s Public Rental Housing complexes will be leased to youths, social enterprises, and microentrepreneurs at 50%–80% of the appraised prices for up to 10 years.
□ The MSS will work with other ministries and related institutions to build a system of cooperation designed to help young entrepreneurs and microentrepreneurs start their businesses, foster a stable environment for store tenants, and provide more favorable conditions for their businesses. The Ministry of SMEs and Startups(MSS) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced on June 7, 2018, that they will sign the “Memorandum of Understanding for Job Creation and Lower Rents for Young Entrepreneurs and Micro Entrepreneurs” with LH and the Small Enterprise and Market Service (SEMAS), which will be the implementers of the new program.
□ Under the MOU, the ministries and the implementing organizations will improve the programs, systems, and infrastructure designed to provide young entrepreneurs and microentrepreneurs with incubating, management training/consulting, and lower rents. The MOU connects the Hope Store program and other programs aimed at renting out store spaces to young entrepreneurs and microentrepreneurs at low and stable prices with other programs designed to support microentrepreneurs.
* Hope Store: Store spaces located in LH’s Public Rental Housing complexes leased to youths, social enterprises, and microentrepreneurs for 50%–80% of the appraised prices for up to 10 years
□ Under the MOU, the MSS will recommend microentrepreneurs eligible for the lease program and connect the program with other programs that provide management training, consulting for microentrepreneurs, support for microbusiness cooperatives, and policy loans. The MOLIT will be responsible for implementing programs to lower store rents and improving the related systems and infrastructure, while the LH and SEMAS will undertake the execution of the programs in the field to ensure smooth implementation.
□ Vice Minister Choi Sugyu said, “We expect that the new MOU will create more jobs and prevent further gentrification by providing affordable and stable store spaces to young entrepreneurs and microentrepreneurs facing ever-rising store rents.” He added, “We will improve the effectiveness of our policies for local growth and microentrepreneurs through various cooperation plans, for example, by tying up the new programs with the existing programs of the MSS to revitalize local business districts such as Business District Revitalization Programs and the Youth Mall Program.”
□ Under the MOU, the ministries and the implementing organizations will improve the programs, systems, and infrastructure designed to provide young entrepreneurs and microentrepreneurs with incubating, management training/consulting, and lower rents. The MOU connects the Hope Store program and other programs aimed at renting out store spaces to young entrepreneurs and microentrepreneurs at low and stable prices with other programs designed to support microentrepreneurs.
* Hope Store: Store spaces located in LH’s Public Rental Housing complexes leased to youths, social enterprises, and microentrepreneurs for 50%–80% of the appraised prices for up to 10 years
□ Under the MOU, the MSS will recommend microentrepreneurs eligible for the lease program and connect the program with other programs that provide management training, consulting for microentrepreneurs, support for microbusiness cooperatives, and policy loans. The MOLIT will be responsible for implementing programs to lower store rents and improving the related systems and infrastructure, while the LH and SEMAS will undertake the execution of the programs in the field to ensure smooth implementation.
□ Vice Minister Choi Sugyu said, “We expect that the new MOU will create more jobs and prevent further gentrification by providing affordable and stable store spaces to young entrepreneurs and microentrepreneurs facing ever-rising store rents.” He added, “We will improve the effectiveness of our policies for local growth and microentrepreneurs through various cooperation plans, for example, by tying up the new programs with the existing programs of the MSS to revitalize local business districts such as Business District Revitalization Programs and the Youth Mall Program.”