Sokcho City Adds 801 Businesses and 234 Youth-Led Startups... Local Economy Gains Momentum

Businesses reach 26,989 and youth-led startups 6,115 in first half... both rise for six consecutive months
Mayor Lee Byungseon: "We will strengthen support for startups and business stability to boost the local economy"

The number of businesses and youth-led startups in Sokcho, Gangwon Province, steadily increased in the first half of 2026. As startup activity picked up amid an economic slowdown and continued operating pressures on small business owners, the trend offered a positive signal for the local economy.

Sokcho Mayor Lee Byeongseon takes part in the “Campaign to Boost Consumer Spending for Small Businesses and Revitalize Livelihoods,” promoting spending to revitalize local businesses and support small business owners. Photo provided by Sokcho City.

According to Sokcho City on October 14, an analysis of the “Local Growth Statistics” published by the Gangwon Regional Data Office found that the total number of businesses rose by 801, or 3.1%, from 26,188 in January to 26,989 in June.

Over the same period, the number of youth-led startups increased by 234, or 4.0%, from 5,881 to 6,115. Both indicators rose every month from January through June.

In particular, the number of youth-led startups surpassed 6,000, indicating an expansion in young people’s economic activity in the region.

Youth-led startups are businesses whose representatives are between 18 and 49 years old and that were registered within the past seven years.

In the first half of 2026, 535 new businesses owned by young people were registered, exceeding the 318 closure filings. New registrations outnumbered closures for six consecutive months.

By sector, the number of businesses in wholesale and retail trade increased by 78, from 1,096 to 1,174, while the number in accommodation and food services rose by 57, from 1,024 to 1,081.

The number of businesses in information and communications also increased from 78 to 94, while professional, scientific, and technical services grew from 122 to 135. Growth was seen not only in traditional tourism- and commercial-area-related sectors but also in technology and professional services.

Sokcho City is pursuing various support policies to help growing startups and boost the local economy.

This year, the city supported 50 businesses through its first-time startup grant program. It is also implementing projects to improve small business premises and build digital infrastructure.

Financial support has also been expanded. Through the second quarter of 2026, the city provided KRW 359 million in loan-interest support to small and medium-sized enterprises and small business owners.

Under a special guarantee program implemented in partnership with the Gangwon Credit Guarantee Foundation, loans totaling KRW 4.2 billion had been issued to 105 businesses as of the end of August 2026.

The city plans to strengthen its step-by-step support system, from early-stage startup funding to facility improvements and reduced financial burdens, to help businesses establish themselves securely in the region.

Sokcho Mayor Lee Byeongseon said, “Small business owners and entrepreneurs who take on the challenge of starting a business here and keep going despite difficult conditions are the backbone of Sokcho’s economy. We will pay close attention to the challenges businesses face so that the increase in their numbers leads to stable business operations and a more vibrant local economy that residents can feel.”

This content was produced with the assistance of AI translation services.