Commercial Banks to Accept Applications for 2nd COVID Loans and Disaster Relief Funds from the 18th

[Asia Economy Reporter Kwon Haeyoung] Starting from the 18th, the application for the second round of 'COVID loans' worth 10 trillion won and emergency disaster relief funds will begin simultaneously at commercial banks.

According to the financial sector on the 17th, from the next day, seven commercial banks including KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and DGB Daegu Bank will accept applications for the second round of financial support loans for small business owners at all branches. Applications can also be made online through Kookmin, Shinhan, Hana, Woori, and Nonghyup banks.

The loan limit is 10 million won per business, with a maturity of 5 years (2 years grace period, 3 years installment repayment), and the interest rate ranges from 3% to 4% annually, adjustable based on credit rating. Applying for the loan through the main bank is expected to be more advantageous in credit evaluation and interest rate calculation. When applying for the loan, six documents must be prepared: business registration certificate, VAT taxable standard certificate, national and local tax payment certificates, real estate registry copy or lease contract, and income amount certificate.

Those who received the first COVID loan, national and local tax delinquents, and existing debt defaulters are excluded from the second COVID loan eligibility. Unlike the first round, it is possible to apply for both guarantee and loan simultaneously at the bank without visiting the Korea Credit Guarantee Fund.

Applications for emergency disaster relief funds will also be accepted at bank counters starting from the 18th. Bank-affiliated card companies accept applications at their group bank branches, and BC Card accepts applications at 15 affiliated financial institutions. During the first week of branch applications, a 5-day rotation system will be applied.

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