Ulsan Launches '2021 Food Promotion Fund Loan Project'

Total 500 Million KRW, 0.5% Annual Interest, 2-Year Grace Period, 3-Year Equal Installment Repayment

Ulsan City Hall exterior view.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City is launching the '2021 Ulsan City Food Promotion Fund Loan Project' to encourage voluntary facility improvements in food hygiene businesses and to support businesses struggling due to the economic downturn.

The project targets food manufacturing and processing businesses and food service establishments registered or reported within Ulsan City. Loans are provided only for the installation of necessary machinery for business operations and for funds to improve hygiene facilities such as cooking facilities and restrooms in business premises.

However, businesses that have received administrative sanctions such as business suspension within the past year or are currently undergoing administrative sanctions, as well as businesses that have already received loans with outstanding balances, are excluded.

This year, the total loan amount is 500 million KRW. The loan limit is up to 200 million KRW for businesses applying the Hazard Analysis and Critical Control Points (HACCP) standards, 100 million KRW for food manufacturing and processing businesses (including instant sales manufacturing and processing businesses), and 50 million KRW for food service establishments (10 million KRW if only restrooms are improved).

The loan conditions are an annual interest rate of 0.5%, with a 2-year grace period followed by 3 years of equal installment repayments.

Business operators wishing to apply for the loan can do so through the hygiene department of their respective district or county office. Last year, Ulsan City supported loans totaling 503 million KRW to 11 food manufacturing and processing businesses and others.

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