Dobong-gu Provides Interest-Free Loans to Low-Income Residents to Overcome COVID-19

Loan Interest Rate for Living Stabilization Funds Until December 2020: 2%?0% Applied (Interest-Free)

[Asia Economy Reporter Jong-il Park] Dobong-gu (Mayor Dong-jin Lee) will provide interest-free loans starting July 20 to low-income residents who are experiencing difficulties in operating small businesses and making a living due to the novel coronavirus disease (COVID-19).

As the COVID-19 situation prolongs, the district will temporarily offer interest-free loans until December 31 from the loan date to the third round of living stabilization fund recipients to revitalize the stagnant local economy and household finances.

The application period for the interest-free loan support of the "3rd Living Stabilization Fund" is from July 20 to July 31, and applications can be submitted at Woori Bank Dobong-gu Office Branch.

Eligible applicants are those who pay annual property tax of 200,000 KRW or less per household and are Dobong-gu residents with a monthly average income below the urban worker household standard (6,087,747 KRW for a family of four). However, applicants must have regular income and a credit rating between 1 and 5. After applying at Woori Bank Dobong-gu Office Branch, applicants undergo verification of loan repayment ability (credit rating, regular income, existing loans, etc.) and must be reviewed by the Living Stabilization Fund Loan Selection Committee.

After the review, loans of up to 50 million KRW per household will be provided starting August 20. The loan terms are a 2-year grace period followed by 3 years of equal installment repayments. The loan funds can be used for ▲ small-scale manufacturing and service businesses or equivalent commercial activities ▲ rental deposit for the homeless ▲ tuition fees for students in high school or above (direct descendants) ▲ living expenses for disaster victims.

For more details, contact the New Economy and Job Creation Division of Dobong-gu.

Mayor Dong-jin Lee of Dobong-gu stated, “Even amid the prolonged COVID-19 crisis, we will actively support residents with various measures so that they do not lose hope and can overcome these difficult times together.”

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