Seodaemun-gu Supports Small Business Owners Affected by COVID-19 with 'Interest-Free Loans'

Additional 2 Billion Won Loan Budget Established... Applications Accepted Anytime Until Funds Are Exhausted

[Asia Economy Reporter Jongil Park] Seodaemun-gu (Mayor Moon Seok-jin) is increasing the scale of support for the loan project of the ‘2020 Seodaemun-gu Small and Medium Business Development Fund’ and temporarily offering interest-free loans to stabilize the management and alleviate financial difficulties of local small and medium enterprises and small business owners affected by COVID-19.

The district has increased the fund size from the original 2 billion KRW to 4 billion KRW by preparing a supplementary budget, and the fund loan interest rate, which was previously operated at 1.8% per annum, will be temporarily supported at 0% interest (interest-free) for new borrowers until December 31 of this year.

The loan limit is up to 20 million KRW per company.

During the same period, existing fund borrowers with a loan balance of 20 million KRW or less as of the repayment date can also benefit from the interest-free offer, and those exceeding 20 million KRW will temporarily receive a reduced loan interest rate of 0.8%, down from the existing 1.8%.

Applications can be made at any time until the 2 billion KRW fund is exhausted. After going through the district’s fund loan support review, selected companies can receive loans.

Applicants should bring copies of their business registration certificate and value-added tax standard tax certificate, visit the Woori Bank Seodaemun-gu Office branch for preliminary credit screening, and then submit the loan application form at the Job and Economy Division on the 5th floor of Seodaemun-gu Office.

For detailed information on the Small and Medium Business Development Fund support targets and other details, check the notices on the Seodaemun-gu website or contact the Job and Economy Division of Seodaemun-gu Office at 330-1924.

Moon Seok-jin, Mayor of Seodaemun-gu, said, “We will make further efforts to minimize the damage to small and medium enterprises and small business owners struggling due to COVID-19, and we hope this interest-free loan support from the Small and Medium Business Development Fund will be of some help.”

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