Seocho-gu, Deferment of Principal Repayment for Small Business Development Fund Loans

Among Companies with Loaned Funds, Up to Approximately 2 Billion KRW Expected for COVID-19 Affected Businesses... Loan Repayment Deferral of 4.98 Million to 49.98 Million KRW per Company Possible for Regular Repayments in Q2-Q4 2020 Based on Loan Amount

[Asia Economy Reporter Jongil Park] Seocho-gu (Mayor Eunhee Cho) has decided to grant a deferment of principal repayment for up to 9 months to 'Seocho-gu Small and Medium Enterprise Development Fund loan companies' facing delinquency risks due to the spread of COVID-19.

The support targets are companies currently borrowing from the Seocho-gu Small and Medium Enterprise Development Fund that have been affected by COVID-19, with a total scale of up to approximately 2 billion KRW if all eligible companies apply.

Deferment is possible for regular repayments from the 2nd to 4th quarters of this year, and it is expected that about 4.98 million to 49.98 million KRW per company will be deferred depending on the loan amount.

However, companies currently delinquent on the Small and Medium Enterprise Development Fund loans are excluded, and deferment is possible only if the delinquency is resolved as of the application date.

For support application, companies with annual sales of 100 million KRW or less are considered affected companies without separate proof, while companies with annual sales exceeding 100 million KRW must prepare documents proving sales decline and visit the Woori Bank Seocho-gu Office branch to apply from May 1 to September 30.

The deferred principal can be repaid in a lump sum or in installments after the deferment period ends, depending on the company's request, and monthly interest on the loan must be paid during the deferment period.

For consultation, inquiries can be made to the Seocho-gu Office Regional Economy Division.

Seocho-gu Mayor Eunhee Cho said, “We will continue to implement practical and tangible support measures to revitalize the local economy weakened by COVID-19 and do our best to help local companies overcome the COVID-19 crisis.”

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