Dobong-gu Temporarily Supports Interest-Free Loans for Low-Income Residents

August 18-28 '4th Living Stability Fund Loan Support' Application... 2%-0% Interest Rate on Living Stability Fund Loans Until December This Year (Interest-Free)... Up to 50 Million KRW Loan per Household, 2-Year Grace Period, 3-Year Equal Installment Repayment

[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Dongjin Lee) will provide interest-free loans starting from the 18th to support low-income residents who are experiencing difficulties in operating small businesses and making a living due to COVID-19.

As the COVID-19 situation prolongs, the district will temporarily offer interest-free loans until December 31 of this year for the 4th 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 "4th Living Stabilization Fund" is from the 18th to the 28th. Applications can be submitted at the Woori Bank Dobong-gu Office branch.

Eligible applicants are households with annual property tax of 200,000 KRW or less and residents of Dobong-gu whose average monthly income per urban worker household is below the standard (6,087,747 KRW for a 4-person household). Applicants must have a regular income and a credit rating between 1 and 5. After applying at the Woori Bank Dobong-gu Office branch, applicants will undergo a creditworthiness evaluation (including credit rating, regular income, and existing loans) and must pass the review by the Living Stabilization Fund Loan Selection Committee.

After the review, loans of up to 50 million KRW per household will be provided starting from September 18. 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 detailed information, please contact the New Economy and Job Creation Division of Dobong-gu.

Mayor Dongjin Lee of Dobong-gu stated, “We hope this loan support will contribute to revitalizing the local and household economies affected by COVID-19 and help establish a foundation for residents’ self-reliance.”

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