Guro-gu Provides Emergency Management Stabilization Funds for Small and Medium Enterprises and Small Business Owners Affected by COVID-19
A total of 3.36 billion KRW... Loans up to 50 million KRW with an annual interest rate of 0.9%... For businesses with sales decreased by over 10%... Applications accepted at district office until the 16th
[Asia Economy Reporter Jongil Park] Guro-gu (Mayor Lee Seong) is providing emergency management stabilization funds to small and medium-sized enterprises (SMEs) and small business owners affected by COVID-19.
On the 1st, Guro-gu announced that it will carry out a loan support project for emergency management stabilization funds worth 3.36 billion KRW to help stabilize the management of SMEs and small business owners in the region.
The emergency management stabilization funds can be used by SMEs up to 50 million KRW and by small business owners up to 30 million KRW at an annual interest rate of 0.9%. The funds must be used for the purpose of business normalization and are repayable in equal installments over 4 years after a 1-year grace period.
Guro-gu allocated an additional budget of 2.2 billion KRW to secure funding. The remaining 1.16 billion KRW was contributed from the SME Development Fund.
Applicants must be SMEs or small business owners whose sales have decreased by 10% or more due to the COVID-19 crisis. They must have a business place in Guro-gu and have been registered for more than 6 months. Priority will be given to companies with significant sales declines, vulnerable industries such as lodging, tourism, and food service, and companies involved in import-export with China that have suffered damage in production or sales.
Companies wishing to apply should prepare the loan application and other documents and visit the Guro-gu Office Regional Economy Division by the 16th of this month. The support recipients will be decided through deliberation by the Guro-gu Fund Management Committee.
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A Guro-gu official stated, “We hope this emergency management stabilization fund support will help ease the burden on SMEs and small business owners facing difficulties,” and added, “We will promote various support policies for the recovery of the local economy.”
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