Gwangjin-type Emergency Operating Funds (10 Million to 30 Million KRW) One-Stop Support

From April 1, applications available at the 'Gwangjin-type Small Business Support Center' located in Gwangjin District Office... Low credit rating individuals can also apply for loans ranging from 10 million to 30 million KRW

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) will install and operate the Gwangjin-type Small Business Support Center, which provides one-stop support for the ‘Gwangjin-type Emergency Operating Fund,’ starting April 1 in the district office parking lot.

The ‘Gwangjin-type Emergency Operating Fund’ is a project designed to provide practical assistance to small business owners struggling due to the prolonged COVID-19 pandemic. Loans are available once a guarantee certificate is issued by the Seoul Credit Guarantee Foundation, and even low credit rating individuals can receive support ranging from 10 million to 30 million KRW.

The newly established ‘Gwangjin-type Small Business Support Center’ offers a one-stop service where applicants can receive comprehensive consultations with participation from the Seoul Credit Guarantee Foundation, Kookmin Bank, and relevant Gwangjin-gu departments (Local Economy Division, Job Policy Division) to facilitate smooth application for the emergency operating fund.

The support targets small business owners with annual sales of 200 million KRW or less, with conditions of a 1.5% annual interest rate and a repayment plan of a 1-year grace period followed by equal installments over 3 years.

Additionally, to minimize the burden on small business owners taking out loans, the district is pioneering a special loan program nationwide that waives interest and guarantee fees until funds are exhausted. Accordingly, the district will provide one year of interest-free loans to new applicants from April to July and support loan interest for existing borrowers from May until April next year.

Those wishing to apply can make a phone reservation at the Gwangjin-type Small Business Support Center (☎450-7313) and visit with the required documents to receive consultation and apply for loans.

On the 30th, to ensure small business owners do not miss the support program, the district visited and distributed notices containing information about the emergency support project, 10 medical dental masks, a cooperation letter, and a district newsletter with guidance on social distancing to about 20,000 local businesses.

Mayor Kim Seon-gap of Gwangjin-gu said, “After visiting the field and hearing about the economic difficulties faced by merchants due to COVID-19, I realized the situation is more desperate than I had known. With the intention of seeking ways to revitalize the local economy before it is too late, we have prepared support measures for small business owners struggling with management difficulties.”

He added, “We will provide detailed guidance so that many people can receive support and do our best to help everyone return to normal life as soon as possible.”

In addition, Gwangjin-gu has allocated supplementary budget on the 25th to support small business owners, self-employed, and micro-merchants whose livelihoods are threatened by the local economic downturn. The initiatives include ▲development and operation of the public delivery app ‘Gwangjin Narumi’ ▲‘Gwangjin-type Small Business Employment Retention Support Project’ for small businesses with fewer than five employees affected by COVID-19 ▲linking a vulnerable group lunchbox delivery project as a countermeasure for decreased sales of young small business owners (food service) ▲promotion of specialized street revitalization and traditional market events ▲issuance of ‘Mobile Gwangjin Love Gift Certificates’ to stimulate local consumption ▲payback of Gwangjin Love Gift Certificates and SNS promotional relay campaigns.

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