Gangseo-gu, Ongoing Applications for Small and Medium Enterprise Development Fund Loans

Published 13 Jan.2020 08:15(KST)

Providing More Effective Support to Businesses with Continuous Loan Assistance... Applications Open on the 13th

Gangseo-gu, Ongoing Applications for Small and Medium Enterprise Development Fund Loans

[Asia Economy Reporter Jongil Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) will accept applications for the 2020 Small and Medium Enterprise Development Fund loan support on a rolling basis starting from the 13th.

Unlike other local governments that accept applications quarterly or semi-annually, the district announced that it will operate the program continuously to effectively assist small and medium enterprises (SMEs) and small business owners.

Applications received on a rolling basis are immediately reviewed and supported, helping companies receive the necessary funds when they need them.

The support targets SMEs with factory registration in the area, venture companies and Inno-Biz certified companies headquartered in Gangseo-gu, and small business owners with business registration in the district. Applicants must have been registered for at least one year as of the application date and must have sales performance and collateral capability.

The loan conditions are based on the use of facility funds, operating funds, or technology development funds, with an annual interest rate of 2%, a one-year grace period, and repayment in equal installments over four years.

The loan amount is capped at 300 million KRW per company (50 million KRW for small business owners) and may be adjusted considering application status, business scale, and credit institution inquiry results.

The total scale of this support project is 6 billion KRW. Companies and small business owners wishing to apply must visit the Gangseo-gu Office Regional Economy Division and submit the application form along with related documents.

The application form and related documents can be found on the Gangseo-gu Office website (http://www.gangseo.seoul.kr).

A district official stated, “We listen carefully to the voices of SMEs and small business owners and operate the loan support program from the perspective of struggling companies and self-employed individuals, not from the standpoint of public officials. We will continue to make great efforts to resolve the difficulties of local small business owners and SMEs.”