Sokcho City Adds 801 Businesses and 234 Youth

Businesses reach 26,989 and youth-led startups 6,115 in first half... both rise for six consecutive monthsMayor 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 State, continued to rise in the first half of 2026. As business activity picked up amid a prolonged economic slowdown and ongoing management 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” compiled 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, signaling an expansion of young people’s economic activity in the region.

Youth-led startups are defined as 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 launched by young people were registered, exceeding the 318 businesses that filed for closure. New registrations outnumbered closures for six consecutive months.

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

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

Sokcho City is pursuing various support policies to underpin the growth of startups and stimulate the local economy.

This year, the city supported 50 businesses through its first-time startup grant program. It is also working to improve small business facilities and build a 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.

Through special guarantees linked to the Gangwon Credit Guarantee Foundation, loans totaling KRW 4.2 billion had been issued to 105 businesses as of the end of August.

The city plans to strengthen its phased support system, from startup funding and facility improvements to easing financial burdens, to help local businesses establish themselves securely.

Sokcho Mayor Lee Byung-seon said, “Small business owners and entrepreneurs who take on the challenge of starting a business here and keep going despite difficult circumstances are the backbone of Sokcho’s economy. We will pay close attention to the challenges they face on the ground so that the increase in businesses leads to stable operations and greater vitality in the local economy that residents can feel.”

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