Geumcheon-gu Provides Total 10 Billion Won Loan Support to COVID-19 Affected Businesses

June 15: Woori Bank Signs 'Commercial Bank Cooperation Fund Loan Support Agreement'... Interest Rate Difference Compensation Excluding 0.8% Loan Interest Rate This Year... Submit Application and Related Documents to Regional Economy Division from June 22 to July 10

[Asia Economy Reporter Jong-il Park] Geumcheon-gu (Mayor Yu Seong-hoon) is collaborating with Woori Bank to provide a total of 10 billion KRW in commercial bank cooperative funds as loans to companies affected by the novel coronavirus disease (COVID-19).

The support targets are small and medium-sized enterprises (SMEs) in Geumcheon-gu with their main office or business site located in the district, belonging to the 'manufacturing industry,' 'knowledge industry,' 'information and communication industry,' or 'social economy enterprises.' Companies that have experienced a sales decrease of 10% or more due to COVID-19 or have had exports/imports delayed or canceled are eligible to apply.

The commercial bank cooperative fund loan operates by having companies selected as loan support targets by the district receive loans from Woori Bank (Geumcheon-gu Office branch), with the district supporting part of the loan interest.

The loan interest rate is applied as the market interest rate (variable rate), and support is provided up to 100 million KRW per company. The repayment condition is a one-year grace period followed by three years of equal installment repayments.

In particular, this year, to revitalize the struggling local economy due to COVID-19, the district will cover all but 0.8% of the variable loan interest rate. From 2021, the district will support 1% of the loan interest rate.

The application period is from June 22 to July 10. Applicants can download the application form from the 'Notices and Announcements' section on the Geumcheon-gu Office website, fill it out, and submit it in person along with business registration certificates, electronic tax invoices, and other COVID-19 damage proof documents to the Regional Economy Division on the 11th floor of Geumcheon-gu Office.

Whether a company qualifies for loan support will be individually notified within a week after verifying eligibility. Companies selected as support targets will proceed with the loan after screening by Woori Bank.

To support SMEs with commercial bank cooperative funds, the district signed a 'Commercial Bank Cooperative Fund Loan Support Agreement' with Woori Bank on June 15 at the small conference room of the district office.

Yu Seong-hoon, Mayor of Geumcheon-gu, said, “I hope that local SMEs struggling due to COVID-19 will find some relief through this commercial bank cooperative fund support,” and added, “We will mobilize all our capabilities to revive the local economy, which has been depressed by COVID-19.”

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