Incheon City Offers Low-Interest Small Loans to Debt Adjustment Diligent Repayers

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 6th that it will implement the 'Incheon Eojin Loan' through the Credit Recovery Committee to support the recovery of diligent debtors.

The Incheon Eojin Loan is a project that provides low-interest small loans within 3.5% to debtors who have been diligently repaying their debts but find it difficult to use institutional finance, considering the economic difficulties caused by the COVID-19 pandemic.

To this end, the city urgently allocated 2 billion won in the first supplementary budget.

The support targets are Incheon citizens who have been faithfully carrying out their repayment plans for more than six months after the debt adjustment confirmation by the Credit Recovery Committee or for more than two years after the court's approval of individual rehabilitation.

The funds can be used for living stabilization expenses such as hospital bills, living expenses, rental deposits, tuition fees, refinancing for users of high-interest debts, and operating funds for small business owners.

For inquiries about loan applications, contact the Credit Recovery Committee Counseling Center at 1600-5500.

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