100 Billion Won Loan Support for Small Business Owners in Seoul Yakryeong Market & Traditional Markets

Dongdaemun-gu, Public-Private-Academic-Community Regional Council Cooperation for Market Small Business Owners' Chuseok Fund Supply... Applications Accepted September 1-2... Continued Loan Support for SMEs and Microbusinesses... Total of 479 Businesses Supported with 9.967 Billion KRW in Loans So Far

[Asia Economy Reporter Jong-il Park] Dongdaemun-gu (Mayor You Deok-yeol) will proactively provide a loan of 10 billion KRW in special COVID-19 funds, organized by the Seoul Credit Guarantee Foundation, to small business owners in Seoul Yakryeongsi and the traditional markets around Jegi-dong who are experiencing difficulties in securing funds ahead of Chuseok.

This support is part of the Dongdaemun-gu public-private-academic regional council project, utilizing the Seoul Metropolitan Government's Small and Medium Business Development Fund COVID-19 special funds. The Seoul Credit Guarantee Foundation will provide guarantee support, and Hana Bank will conduct on-site visits and accept applications.

The types of support are divided into four categories: ▲Seoul-type Growth Promising Industry Activation Guarantee ▲Community-based Financial Support Special Guarantee ▲Interest Cost Reduction Refinancing Loan Support Guarantee ▲Special Financial Support Guarantee for Small Business Owners and Self-employed.

The Seoul-type Growth Promising Industry Activation Guarantee targets small business owners engaged in wholesale and ginseng/health food manufacturing, providing up to 100 million KRW per company at an interest rate of 1.53~2.03% (1-year grace period, 4-year equal installment repayment). The Community-based Financial Support Special Guarantee is for companies participating in the Yakryeongsi market revitalization support project, offering up to 50 million KRW per company at an interest rate of 0.73~1.03% (1-year grace period, 4-year equal installment repayment).

Additionally, the Interest Cost Reduction Refinancing Loan Support Guarantee targets business operators with credit ratings between 4 and 8 who hold high-interest loans above 15%, providing up to 30 million KRW per company at an interest rate of 0.73% (1-year grace period, 4-year equal installment repayment). The Special Financial Support Guarantee for Small Business Owners and Self-employed offers loans up to 30 million KRW per company at an interest rate of 1.5% (1-year lump-sum repayment) for small business owners and self-employed individuals.

Small business owners in Seoul Yakryeongsi and the traditional markets around Jegi-dong who wish to apply for loans can visit the resting area on the 2nd floor of the new building of Gyeongdong Market at 10 a.m. or 2 p.m. on September 1st or 2nd to submit their applications.

The district office will conduct applications in divided time slots to prevent COVID-19 infections. Small business owners who cannot apply on-site can inquire by contacting the Seoul Credit Guarantee Foundation at ☎1577-6119.

Dongdaemun-gu has prepared 11.2 billion KRW in small and medium enterprise development funds this year to provide loan support to local SMEs and micro small business owners. So far, a total of 479 companies have received 9.967 billion KRW in support.

Furthermore, for small business owners in the area who find it difficult to obtain credit loans, a loan support project is underway that supports interest payments up to 10 million KRW per company for one year until funds are exhausted.

You Deok-yeol, Mayor of Dongdaemun-gu, stated, “With the prolonged COVID-19 situation, we hope that small business owners in Seoul Yakryeongsi and Jegi-dong traditional markets who are struggling with fund supply ahead of Chuseok will receive timely loans and gain practical assistance.”

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