Gangnam-gu Provides Additional 28.8 Billion KRW Interest-Free Loans for SME Development Fund

Support for 222 Small and Medium Enterprises and Small Business Owners... 4th Loan Support Application Scheduled for September

[Asia Economy Reporter Jongil Park] Gangnam-gu (District Mayor Jeong Soon-gyun) will provide an additional loan support of 28.893 billion KRW from the Small and Medium Business Development Fund, following the interest-free support of 6.55 billion KRW in the first half of the year for small and medium-sized enterprises (SMEs) and small business owners struggling due to COVID-19.

Gangnam-gu conducted the third recruitment from the 22nd of last month to the 17th of this month, and on the 28th, held a fund review meeting to decide to support 222 SMEs and small business owners who applied for loan support with a total of 28.893 billion KRW.

Under the conditions of an annual interest rate of 1.2%, a one-year grace period, and equal principal and interest repayments over three years, the interest payment during the initial one-year grace period will be fully supported by the district according to the "Ordinance on the Establishment and Operation of the Gangnam-gu Small and Medium Business Development Fund."

Additionally, the district is granting a six-month deferment on principal repayments for companies facing difficulties in repaying the principal.

Out of the total 48 billion KRW Small and Medium Business Development Fund, the district supported 37 companies with 6.55 billion KRW in the first and second rounds in the first half of the year, and plans to accept applications for the fourth round of loan support in September, with an additional 12.557 billion KRW planned for support.

Lee Seon-hyung, head of the Regional Economy Division, stated, “We will continue efforts to revitalize the stagnant local economy with the spirit of ‘Me Me We Gangnam’?where I, you, and we coexist, care, and respect each other.”

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