40,667 People Apply for Gyeonggi's 'Geukjeo Credit Loan'... Second Application Opens Next Month

[Asia Economy (Suwon) = Reporter Lee Young-gyu] A total of 41,667 people applied for the 'Ultra Low Credit Loan,' the first of its kind nationwide, implemented by Gyeonggi Province to help low-credit individuals struggling due to COVID-19.

Gyeonggi Province announced that as a result of the first application period held from the 10th to the 17th both online (Gyeonggi Welfare Platform) and on-site (Eup, Myeon, Dong Administrative Welfare Centers), 34,355 people applied for the no-screening loan (up to 500,000 KRW) targeted at those with credit ratings of 7 or lower. The province plans to complete disbursement to these applicants by the 24th.

Additionally, 7,312 people applied for the screened loan with a limit of 3 million KRW. The screening will be completed by the 24th, and the selection results will be announced early next week.

The Ultra Low Credit Loan project provides residents with credit ratings of 7 or lower an interest rate of 1% per annum for a 5-year term, offering a no-screening loan of 500,000 KRW. After screening, loans up to 3 million KRW are possible. This project is being promoted with a secured budget of 50 billion KRW to overcome the COVID-19 crisis.

Loan screening and execution are conducted by three organizations responsible for the project: Rolling Jubilee Corporation, Korea Regional Self-Sufficiency Center Association Corporation, and Together Making the World Corporation, a social solidarity bank.

Based on the results of the first loan process, the province will make improvements and resume the second application period, originally scheduled for the 27th of this month, in May.

Detailed information on the application schedule and methods will be announced later on the Gyeonggi Province website (www.gg.go.kr) and the Gyeonggi Welfare Platform (ggs-loan.ggwf.or.kr).

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