Gumi-si Injects 10 Billion Won in Emergency Management Stabilization Funds for Small Businesses Affected by COVID-19

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Young-wook] Gumi City, Gyeongbuk Province, will provide 10 billion KRW in emergency management stabilization funds to small business owners severely affected by the novel coronavirus infection (COVID-19).

On the 7th, Gumi City announced that it will implement emergency livelihood management stabilization fund loans by lowering the credit rating to 10 grades and applying the '3 no's' of no credit rating, no interest, and no collateral.

The city lowered the credit rating to the lowest grade of 10 regardless of the existing credit ratings mainly from grades 4 to 7 for this fund loan.

Also, it reduced the burden by providing loans without collateral, and especially the city will support interest within 3% for one year so that there is no worry about interest burden. The loan amount per company is up to 10 million KRW with a one-year maturity lump-sum repayment, and if necessary, benefits of a one-year grace period and four years of equal principal installment repayment are provided.

Since support for funds for small business owners is urgent, the city plans to complete practical consultations with the Gyeongbuk Credit Guarantee Foundation and financial institutions soon and start providing funds around the 16th.

Jang Se-yong, mayor of Gumi City, said, "Although we cannot immediately resolve the difficulties of small business owners deeply saddened by COVID-19, we hope this emergency fund will be of some help."

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