Gyeonggi Venture Startup Support Center Offers 50% Rent Discount for 6 Months

[Suwon Ilbo=Park No-hun] Gyeonggi Province announced on the 8th that it has decided to provide a 50% rent discount starting from April this year for tenant companies at the Gyeonggi Venture Startup Support Center, which are experiencing economic difficulties due to the recent spread of COVID-19.

According to provincial officials, this measure was decided to provide emergency support after a COVID-19 impact survey conducted in early March on tenant companies at the venture startup support center revealed that many tenant companies had suffered considerable economic damage.

Survey results showed that 58% of all tenant companies reported direct impact, and the total damages amounted to 3.842 billion won, with an average of 65 million won in damages per company.
In particular, when examining the demand for necessary support policies to overcome COVID-19, 'rent support for affected companies' ranked highest at 57%, followed by 'business stabilization fund support (27%)' and 'early budget execution (8%)'.

In response, the province has allocated 200 million won in project funds in the first supplementary budget for this year, and will support 50% of rent for 6 months from April to September this year.
The support target includes approximately 130 companies currently housed in 16 Gyeonggi Venture Startup Support Centers throughout the province (8 in the northern region, 8 in the southern region), with each company estimated to receive an average rent discount of approximately 1.5 million won.

Park Sang-deok, head of the Startup Support Division of Gyeonggi Province, said, "As small and medium-sized and venture companies are facing difficulties due to the spread of COVID-19, we are exploring various support measures that can provide practical help," and added, "We hope that this rent support will serve as a catalyst for affected companies to normalize as soon as possible and for the regional economy to recover."

The 'Gyeonggi Venture Startup Support Center' is a 'technology-based startup hub' supported by Gyeonggi Province and operated by the Gyeonggi Province Economic Science and Technology Promotion Agency, systematically supporting promising technology startups in the growth phase of 3 to under 7 years of operation.
Tenant companies receive dedicated office space and shared facilities at affordable costs, and can receive startup education, product promotion and sales channel support, commercialization support such as prototype and design development, and mentoring support from field experts as needed.