Yangcheon-gu Injects 1.5 Billion KRW Emergency Funds for SMEs Affected by COVID-19

Published 14 Feb.2020 06:47(KST)

Application and Reception for Small Business Development Funds from 14th to 24th... Loan Interest Rate 2.0% per Year, Repayment Terms: 2-Year Grace Period, 3-Year Equal Installments

Yangcheon-gu Injects 1.5 Billion KRW Emergency Funds for SMEs Affected by COVID-19

[Asia Economy Reporter Park Jong-il] Yangcheon-gu (Mayor Kim Soo-young) is accepting applications for the ‘Additional Loan Support for Small and Medium Enterprise Development Fund’ to help stabilize the management of small and medium-sized enterprises and small business owners struggling due to the spread of COVID-19 and the economic downturn.

The application period is from the 14th to the 24th.

Eligible applicants are companies that have suffered damage or are expected to suffer damage due to the COVID-19 situation, including ▲ manufacturers registered with factories in Yangcheon-gu ▲ companies with their main office in Yangcheon-gu and factories registered within the jurisdiction of Seoul Metropolitan City ▲ those engaged in manufacturing-related knowledge service industries ▲ small enterprises and small business owners ▲ wholesale and retail businesses and other industries (excluding some sectors).

The additional support amount is 1.5 billion KRW, with loan conditions of an annual interest rate of 2.0%, a 2-year grace period, and 3 years of equal installment repayment. The loan limit is up to 300 million KRW per manufacturing company and up to 80 million KRW for other wholesale and retail businesses, etc.

The support funds must be used only for designated purposes such as facility funds, operating funds, and technology development funds. To apply, download the ‘Loan Application Form and Business Plan’ from the announcements and notices section on the Yangcheon-gu Office website (www.yangcheon.go.kr) and submit it along with the required documents to the Job and Economy Division (7th floor) of Yangcheon-gu Office.

Applications are accepted in person only from 9 AM on the 14th to 6 PM on the 24th. Postal or online submissions are not allowed.

The loan screening for the Small and Medium Enterprise Development Fund will be finalized after review by the district fund management committee on the 28th, and individual notifications will be sent to loan recipients on March 2. Those notified can receive loans starting March 3 at the Woori Bank Yangcheon branch.

Kim Soo-young, Mayor of Yangcheon-gu, said, “We expect that the urgent additional support through the Small and Medium Enterprise Development Fund will contribute to stabilizing the management of local small and medium enterprises and small business owners who are experiencing severe difficulties due to COVID-19.”