Gwangju Seo-gu, Loan Support for Resident Income Assistance and Living Stability Funds

100% of Median Income Standard... 1.5% Interest Rate, 3-Year Equal Installment Repayment

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Seo-gu, Gwangju Metropolitan City (Mayor Seo Daeseok) announced on the 13th that starting from the 16th, it will provide resident income support and living stabilization fund loans for low-income residents struggling due to COVID-19.

This support was prepared to operate a temporary support period as the COVID-19 situation prolongs, aiming to alleviate the economic burden of low-income households and increase their motivation for self-reliance.

During this support period, funds necessary for living stabilization will be provided as unsecured long-term low-interest loans by relaxing income criteria and lowering loan interest rates.

The income criteria will be expanded from the existing 80% of median income to 100%, and the loan interest rate will be reduced from 2% to 1.5%. The repayment condition is a 3-year grace period followed by 3 years of equal installments.

The loan application period starts from the 16th and will be accepted throughout the year on a rolling basis, but may end early if the fund is exhausted.

Eligible applicants are Seo-gu residents with a household income at or below 100% of the median income under the National Basic Livelihood Security Act (4-person household 기준 4,749,174 KRW) and must have regular income.

The support amount is up to 20 million KRW per household for business/startup funds, jeonse/monthly rent deposits, and tuition fees for universities of two years or more (direct descendants). Disaster livelihood funds can be used up to 10 million KRW per household.

Applicants wishing to receive support can check their loan repayment ability and possible loan amount at the Gwangju Bank Seo-gu Office branch, then apply at the local community service center of their residential jurisdiction. Final selection and loan approval will be made through the district’s eligibility review.

A Seo-gu official stated, “Through the relaxation of support conditions, we will do our best to help residents not lose hope and overcome these difficult times together even amid the COVID-19 situation.”

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