Rapid increase in stimulus coupon applications: Over $3.8 billion distributed in just 4 days
Headline: Over 57% of Eligible Recipients Apply for South Korean Stimulus Vouchers in First Week
In the first week of the stimulus voucher program in South Korea, which commenced on July 21, more than half of eligible recipients have applied for the vouchers. The application period ended on Thursday, and a total of 28.9 million people applied for the vouchers, amounting to 57.1% of all eligible recipients.
The program, designed to support small businesses, is open to Korean citizens and some foreign residents. The vouchers can be used at small businesses with annual sales under 3 billion won until November 30, 2025.
Initially, applicants were limited by their birth year, with only those born in years ending in 5 or 0 eligible to apply. However, from the weekend of July 26, applications have been open to all eligible individuals regardless of birthdate.
Regional application rates vary, with Incheon registering the highest at about 77% of eligible residents, Seoul following closely with 72.1%, and South Jeolla Province improving from a lower initial rate of 53.2% to about 66.1%. Sejong and Jeju Island also showed strong application rates, exceeding 60% and 53.2%, respectively.
The national average reached 72% application coverage by the fifth day of applications, indicating widespread participation across most regions. Detailed rates for other specific regions beyond Incheon, Sejong, South Jeolla Province, and Jeju Island are not provided in the available sources.
A total of 5.21 trillion won ($3.79 billion) in coupons were distributed. The vouchers can be used from the day after application until November 30.
The second round of applications, starting from the weekend, will accept applications from all eligible recipients regardless of birth year. The application period for the second round has not yet been specified.
- The stimulus voucher program, aimed at supporting small businesses in South Korea, has garnered significant interest from the financial sector, with the first week's applications amounting to 57.1% of all eligible recipients.
- The South Korean government's stimulus voucher scheme, which allows citizens and some foreign residents to support local businesses, has generated business news headlines, as over 28 million individuals have utilized the vouchers, equating to approximately 57% of eligible recipients.
