Seodaemun-gu Supports Scholarships and Startup Funds

Loan Support for Business (Startup) Funds, Tuition, and Disaster Recovery Funds at 1.5% Annual Interest Rate... Applications Accepted from 12th to 28th

[Asia Economy Reporter Jongil Park] Seodaemun-gu (Mayor Moon Seok-jin) provides loans to individual business owners and startup preparers who have been residing in the district for more than one year and are experiencing financial difficulties in business expansion or new investments, as well as those facing challenges in securing funds for tuition or disaster recovery costs.

Business funds per household can be loaned up to 30 million KRW, while startup funds, tuition, and disaster recovery costs can be loaned up to 10 million KRW. Loans under 10 million KRW are provided as unsecured loans, and loans exceeding 10 million KRW are secured loans.

The loan interest rate is 1.5% per annum, with a "2-year grace period followed by 2 years of equal quarterly repayments" condition.

Applicants can download the application form from the Seodaemun-gu website's public notices, fill it out, and submit it in person to the Autonomous Administration Division on the 5th floor of Seodaemun-gu Office from the 12th to the 28th of this month, along with ▲a business plan for individual business owners and startup preparers ▲a certificate of enrollment and tuition payment notice for tuition applicants ▲and relevant proof documents for disaster recovery cost applicants.

For tuition loans, applications can be made for the applicant themselves, their spouse, or direct lineal relatives currently enrolled in high school or university. However, for minors, parents or guardians must apply on their behalf.

Graduate students are not eligible for tuition loan support.

The eligibility of applicants will be determined through the district office’s qualification review, on-site investigation of living conditions, the bank’s assessment of loan repayment ability, and the deliberation of the Seodaemun-gu Fund Loan Selection Committee. Loans are expected to be disbursed in early April.

This loan is intended to support the economic activities of district residents and cannot be used for debt relief, monthly rent deposits, or living expenses.

Last year, Seodaemun-gu provided 45 loans totaling 449.8 million KRW through this program. For more details, please contact the Autonomous Administration Division of Seodaemun-gu Office at 330-1601.

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