Gangbuk-gu Provides Loan Support from Small and Medium Business Development Fund for Small Business Owners Affected by COVID-19

Loan support with 1.5% fixed annual interest rate for registered small and medium-sized enterprises and small business owners... Applications accepted via district office visits from March 23 to April 9

[Asia Economy Reporter Jongil Park] Gangbuk-gu (District Mayor Park Kyum-soo) is implementing a loan support project for small and medium-sized enterprises (SMEs) and small business owners in the area who are experiencing difficulties such as business hardships and lack of funds due to the spread of COVID-19.

The district announced that it will provide business funds up to 150 million KRW per company through its self-established Small and Medium Enterprise Development Fund.

The loan conditions are a fixed annual interest rate of 1.5%, with a 1-year grace period and 3 years of equal installment repayments.

Applicants must have a business location in Gangbuk-gu and be registered as a business. Eligible applicants include SMEs with an average annual sales of 40 billion to 150 billion KRW by industry or small business owners with fewer than 5 to 10 regular employees. For larger industries such as mining, manufacturing, construction, and transportation, applications are accepted if there are fewer than 10 regular employees.

However, businesses such as restaurants with a building area exceeding 330㎡, pubs, entertainment businesses, non-store retail businesses, real estate, finance, insurance-related businesses, and other industries deemed not to meet the fund’s purpose are excluded from eligibility.

Those interested can apply in person at the Job and Economy Division of Gangbuk-gu Office from March 23 to April 9. Before applying, applicants must go through a collateral appraisal process at Shinhan Bank Gangbuk-gu Office branch.

Required documents include ▲loan application form ▲business plan ▲copy of business registration certificate ▲national and local tax payment certificates ▲value-added tax standard certificate ▲business lease contract, and ▲corporate registration certificate if applicable. The loan application form can be downloaded from the district’s website.

Support decisions will be finalized through the review of the Gangbuk-gu Small and Medium Enterprise Development Fund Operation Deliberation Committee. The support amount will be calculated within the collateral appraisal limit. The funds must be used for operating funds, facility funds, or technology development funds.

More detailed information can be found in the announcement on the Gangbuk-gu Office website.

Job and Economy Division, Gangbuk-gu Office (☎901-6445)

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