Gangdong-gu Expands Social Economy Fund Loan Limit to 50 Million Won

Expansion of Social Economy Fund Loan Limit from 30 Million Won to 50 Million Won

[Asia Economy Reporter Jong-il Park] Gangdong-gu (Mayor Lee Jeong-hoon) is expanding the ‘Gangdong-gu Social Economy Investment Fund Loan Project’ to support social economy enterprises experiencing sales decline and management difficulties due to COVID-19.

The Gangdong-gu Social Economy Investment Fund was established to support the growth and independence of social economy organizations and to create a sustainable social economy foundation.

The district has agreed with the Gangdong branch of the Credit Guarantee Foundation to promptly handle credit guarantee consultations in order to minimize the damage to social economy enterprises caused by COVID-19.

This year, the total loan scale of the Social Economy Investment Fund is 210 million KRW, and the loan limit per company will be expanded from 30 million KRW to a maximum of 50 million KRW. The interest rate is an ultra-low 0.9% per annum, with repayment conditions of a 2-year grace period followed by 3 years of equal principal and interest installments.

Loan applications are accepted until the fund is exhausted. Applicants can refer to the ‘2020 Gangdong-gu Social Economy Investment Fund Loan Support Plan Announcement’ posted on the Gangdong-gu website and submit the relevant documents to the Social Economy Division of Gangdong-gu Office (4th floor, 2nd Government Building, Gangdong-gu Office, 25 Seongnae-ro, Gangdong-gu, Seoul).

Mayor Lee Jeong-hoon of Gangdong-gu said, “I hope this loan project will help social economy enterprises affected by COVID-19 to stabilize,” and added, “We will continue to expand effective support by reflecting the voices from the field.”

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