Yeongdeungpo-gu Provides 8 Billion KRW Loan Support for SMEs and Small Business Owners

'COVID-19 Emergency Funds' Allow Up to 30 Million Won Loan Per Company... Interest-Free for 2 Years... Up to 300 Million Won Fixed 1.8% Interest Loans for Venture Companies and Others

[Asia Economy Reporter Park Jong-il] Yeongdeungpo-gu (District Mayor Chae Hyun-il) has launched a loan support program totaling approximately 8 billion KRW over the first and second halves of the year to assist small business owners and SMEs facing difficulties such as decreased sales due to COVID-19.

The district announced that, following the first half, it plans to provide large-scale loans in the second half using the SME Development Fund to help local SMEs and small business owners economically impacted by the spread and prolonged duration of COVID-19.

The scale of support for the second half includes 700 million KRW for the ‘COVID-19 Emergency Fund’ aimed at small business owners seeking loans up to 30 million KRW, combined with 3.5 billion KRW from the existing SME Development Fund, totaling 4.2 billion KRW.

Following the 3.76 billion KRW loan support provided in the first half, the district will add 4.2 billion KRW in the second half, bringing the total loan support for SMEs and small business owners to approximately 8 billion KRW.

The Yeongdeungpo-gu SME Development Fund allows loan applications up to 300 million KRW per company with a fixed annual interest rate of 1.8%. Eligible applicants include local SMEs (manufacturing, knowledge industries, information and communication industries, venture companies, industrial design sectors) and small business owners.

Among these, the ‘COVID-19 Emergency Fund’ of 700 million KRW allows self-employed individuals and small business owners to borrow up to 30 million KRW per company. A fixed annual interest rate of 1.8% applies, with a temporary 2-year interest-free benefit (interest cashback provided).

Companies wishing to apply for the Yeongdeungpo-gu SME Development Fund loan can visit the Job and Economy Division (80 Seonyu-dong 1-ro, Yeongdeungpo-gu Office Annex 1st floor) from September 28 to October 16 to submit their applications.

For further details regarding the SME Development Fund loan support, inquiries can be made to the district office’s Job and Economy Division.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, “We deeply empathize with the difficulties faced by local SMEs and small business owners due to the prolonged COVID-19 pandemic. We hope that the SME Development Fund loan support will serve as a catalyst to revive the local economy, and we will do our best to maintain economic quarantine measures until the end of COVID-19.”

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