Yangcheon-gu, 1~2% Food Promotion Fund Loan Support

Annual interest rate 1~2% with up to 50 million KRW... Applications accepted year-round

[Asia Economy Reporter Park Jong-il] Yangcheon-gu (Mayor Kim Soo-young) will provide loans from the Food Promotion Fund in 2020.

The district operates the Food Promotion Fund loans at a low interest rate of around 1-2% to reduce the financial burden on local small business owners and to improve the hygiene and services of food-related establishments.

The loan targets include ▲general facility improvement funds for food manufacturing and processing businesses, general and casual restaurants, and catering service operators ▲restroom facility improvement funds for food service establishments ▲model business development funds.

The loan amounts and conditions are ▲general facility improvement funds up to 50 million KRW per establishment with a 1-year grace period and 3-year installment repayment ▲restroom facility improvement funds up to 20 million KRW per establishment with a 1-year grace period and 2-year installment repayment ▲model business development funds up to 50 million KRW per establishment with a 1-year grace period and 2-year installment repayment.

The interest rates are 2% per annum for general facility improvement funds and model business development funds, and 1% per annum for restroom facility improvement funds.

Applicants must be food hygiene establishments located and operating in Yangcheon-gu, and applications are accepted year-round. However, only establishments designated as model restaurants can apply for the model business development funds.

Businesses involved in manufacturing, selling, or cooking objectionable foods, as well as pubs and similar establishments primarily selling alcoholic beverages, are excluded from loan support.

Business owners wishing to apply can check the "Yangcheon-gu Food Promotion Fund Loan Plan Announcement" on the Yangcheon-gu Office website (http://www.yangcheon.go.kr) and then visit the Health and Hygiene Division of the Yangcheon-gu Public Health Center to submit the required documents.

A Yangcheon-gu official stated, "We hope that the Food Promotion Fund loan support project will be a useful measure for establishments that wanted to improve their hygiene environment but could not due to lack of funds, helping to enhance facility improvements and hygiene levels."

For more details, please contact the Health and Hygiene Division at ☎2620-4883.

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