Ulsan City Launches '2020 Food Promotion Fund Loan Project'

Total Loan of 500 Million KRW... Annual Interest Rate 0.5%

Ulsan City Hall exterior view. (Photo by Ulsan City)

[Asia Economy Yeongnam Reporting Headquarters, Reporter Yoon Yoseop] Ulsan City announced on the 6th that it will conduct the ‘2020 Ulsan City Food Promotion Fund Loan Project’ throughout the year.

This loan project was prepared to encourage voluntary facility improvements in food hygiene establishments and to support businesses struggling due to the economic downturn.

The target includes food manufacturing and processing businesses, and food service establishments registered and reported in Ulsan City. Loans are provided only for funds to improve hygiene facilities in business places such as installation of necessary machinery, cooking facilities, and restrooms.

However, businesses that have received administrative sanctions such as business suspension within the past year or are currently undergoing administrative sanctions, or those that have already received loans and have outstanding balances, are excluded.

The total loan amount for this year is 500 million KRW, and the loan limits are up to 200 million KRW for establishments applying the Hazard Analysis and Critical Control Points (HACCP) system, 100 million KRW for food manufacturing and processing businesses (including instant sales manufacturing and processing businesses), and 50 million KRW for food service establishments (10 million KRW if only restrooms are improved).

The loan conditions are an annual interest rate of 0.5%, with a 2-year grace period and 3 years of equal installment repayments.

Business operators wishing to receive loans can apply to the hygiene department of the relevant district or county office. For more details on application methods, please refer to the implementation announcement on the Ulsan City website or contact the City Food and Drug Safety Division or the hygiene department of the district or county office.

Last year, Ulsan City provided loan support of 417 million KRW to nine food manufacturing and processing businesses.

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