Incheon City Provides 100 Billion KRW Ultra-Low Interest Loans to Small Businesses... 30 Million KRW per Company
Support of 287.5 Billion KRW in Management Stabilization Funds Provided in 7 Rounds This Year
[Asia Economy Reporter Park Hyesook] Incheon City is providing 100 billion KRW in management stabilization funds at an ultra-low interest rate of 0.8% per annum to support small business owners struggling due to the resurgence of the novel coronavirus infection (COVID-19).
The support targets small business owners facing management difficulties due to the impact of COVID-19, and up to 30 million KRW is available for all industries eligible for policy fund support, including restaurants, wholesale and retail, and service industries.
Incheon City will cover 1.5% of the bank loan interest, enabling small business owners to receive loans at an ultra-low interest rate of 0.8% per annum. The guarantee fee will also be reduced from the existing 1% to 0.8%, easing the burden on small business owners.
Shinhan Bank and Hana Bank have each contributed 1.5 billion KRW and 1 billion KRW respectively to the Incheon Credit Guarantee Foundation to cooperate in ensuring the smooth supply of these management stabilization funds.
Starting with the first support of 35 billion KRW in February, Incheon City has provided a total of 287.5 billion KRW in management stabilization funds up to the seventh round of support. The city plans to provide an additional 130 billion KRW in management stabilization funds in October.
Small business owners wishing to receive funding support can apply by visiting the relevant branch of the Incheon Credit Guarantee Foundation.
Hot Picks Today
"Samsung and Hynix Were Once for the Underachievers"... Hyundai Motor Employee's Lament
- Samsung Enterprise Labor Union: "We Respect Court’s Injunction Decision... General Strike to Proceed on the 21st as Planned"
- "Was This Delicious Treat Enjoyed Only by Koreans?"... The K-Dessert Captivating Japan
- “Thirty Lettuce Heads Stolen”: Surge in Urban Garden Crop Thefts Prompts Action from Violent Crimes Detectives
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
An official from Incheon City stated, "Due to the continued damage to local small business owners caused by the recently strengthened social distancing guidelines, we have urgently allocated 100 billion KRW to provide loan support" and "We hope this will help secure operating funds in preparation for the upcoming Chuseok holiday."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
