Yeongdeungpo-gu, up to 5 million KRW artist credit loans... Agreement with Saemaeul Geumgo

Low-Interest 1.5% Credit Guarantee Loans for Local Artists (Groups)... Cultural Foundation and Daerim-dong Saemaeul Geumgo MOU Agreement, First Loan Partnership Between Public and Financial Institutions

[Asia Economy Reporter Park Jong-il] Yeongdeungpo-gu (District Mayor Chae Hyun-il) is providing low-interest loans at 1.5% with a total scale of 100 million KRW by signing an agreement with financial institutions for the first time nationwide to support local cultural artists struggling due to COVID-19.

As a result of the COVID-19 impact, the 'Yeongdeungpo Yeouido Spring Flower Festival,' which started in 2005, was canceled for the first time in 16 years, and various performances and exhibitions have been suspended, placing the cultural and artistic community in a difficult situation.

Accordingly, the district supports credit guarantee loans for local cultural artists to help stabilize their creative activities. To this end, the Yeongdeungpo Cultural Foundation (Chairman Chae Hyun-il) signed an MOU with Daerim-dong Saemaeul Geumgo (Chairman Heo Jun-young) on the 8th and decided to provide emergency loans totaling 100 million KRW to local cultural artists.

In particular, this is the first case nationwide where a local public institution and a private financial institution have signed a financial business agreement to promote artistic activities.

The main point of this agreement is that if the Yeongdeungpo Cultural Foundation guarantees the credit of artists, Daerim-dong Saemaeul Geumgo will provide loans until the 100 million KRW fund is exhausted.

Artists active in the area or organizations located locally can borrow up to 1 million KRW for individuals and 5 million KRW for organizations at a low interest rate of 1.5%, and the loan can be freely repaid within the year.

Those wishing to apply for the artist credit guarantee loan can apply through the Yeongdeungpo Cultural Foundation website by August, and the foundation will review and provide support sequentially until the 100 million KRW is exhausted.

For inquiries regarding the artist credit guarantee loan, please refer to the announcement on the Yeongdeungpo Cultural Foundation website or contact the Yeongdeungpo Cultural Foundation at ☎2629-2202, 2217.

Yeongdeungpo District Mayor Chae Hyun-il stated, “As the COVID-19 situation continues, more artists are experiencing economic difficulties,” and added, “We will prepare various support measures so that local cultural artists can focus on their creative activities.”

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