Gwangjin-gu Takes Action to Revive Local Businesses Affected by COVID-19

A Total of 3.6 Billion KRW in Policy Funds Including SME Development Fund and Special Guarantees for Micro Small Business Owners... Formation of 'Small Business Coronavirus Response On-Site Support Team' to Strengthen Field Monitoring

The chairman of Norunsan Alley Market is distributing preventive supplies provided by the district office to the market merchants.

[Asia Economy Reporter Jongil Park] Gwangjin-gu (District Mayor Kim Seongap) has prepared emergency support measures to minimize the management difficulties of small and medium-sized enterprises (SMEs) and small business owners caused by the spread of the novel coronavirus infection.

Accordingly, the district will provide a total of 3.6 billion KRW in policy funds, including 1.5 billion KRW from the SME Development Fund and 800 million KRW in special guarantees for small business owners located in Gwangjin-gu.

The limit per company is up to 300 million KRW, with an interest rate of 1.5% per annum and equal installment repayments over three years after a one-year grace period.

Applications for the SME Development Fund can be submitted by visiting or mailing the loan application form, business plan, and other required documents to the District Office’s Regional Economy Division (☎450-1365) by the 25th of this month. For special guarantees for small business owners and youth startups, applications can be made at any time through the Credit Guarantee Foundation.

In addition, in cooperation with the Korea Inclusive Finance Agency, the loan support limit for traditional market merchants will be increased by 100 million to 300 million KRW per market to ensure timely financial support.

Furthermore, to alleviate the tax burden on SMEs and small business owners, the district plans to defer local tax collection or delinquency measures for up to one year and postpone tax audits if necessary.

The district has formed a “Small Business Coronavirus Response On-site Support Team” to understand the local economic situation. Through on-site inspections, the team identifies difficulties faced by small business owners, provides guidance on infection prevention rules, and distributes quarantine supplies such as masks and hand sanitizers.

Kim Seongap, Mayor of Gwangjin-gu, stated, “To ease the difficulties faced by SMEs and small business owners suffering from management challenges due to the contraction of consumer sentiment caused by the novel coronavirus infection, we will strengthen communication with the field and prepare active countermeasures in various ways to lead the stabilization of the local economy.”

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