Gangbuk-gu Provides Up to 150 Million KRW Loan Support with 0.8% Interest Rate for Small Business Development Fund

Support up to 150 million KRW for registered SMEs and small business owners... In-person applications at district offices from January 25 to February 8

[Asia Economy Reporter Jongil Park] Gangbuk-gu (Mayor Park Kyumsu) is launching a loan support project using its own Small and Medium Business Development Fund.

This year, the loan support will temporarily apply an annual interest rate of 0.8%.

The purpose is to help small business owners and others who are struggling due to COVID-19 as much as possible.

The maximum loanable amount per company is up to 150 million KRW, depending on the collateral evaluation amount such as real estate or credit guarantees. The repayment condition is a 1-year grace period followed by equal monthly installments over 3 years.

If providing collateral is difficult, the Small Business Special Guarantee System can be used.

Loans of up to 50 million KRW per company are available depending on the credit evaluation amount.

The support targets are small and medium-sized enterprises and small business owners who have a business place within the district and are registered as business operators. However, ▲ restaurants with a building area exceeding 330㎡ ▲ non-store retail businesses ▲ entertainment businesses ▲ real estate, finance, and insurance-related businesses ▲ and other industries deemed not to meet the fund’s purpose are excluded from application.

Applicants must visit the Job and Economy Division on the 6th floor of the district office from the 25th of this month to the 8th of next month. Before visiting, it is essential to check the collateral evaluation amount at Shinhan Bank Gangbuk-gu Office Branch.

Required documents include the loan application form, business plan, copy of business registration certificate, tax payment certificate, value-added tax standard certificate, and business place lease contract. Support eligibility will be finally decided after review by the Gangbuk-gu Small and Medium Business Development Fund Operation Deliberation Committee.

Mayor Park Kyumsu of Gangbuk-gu said, “Small and medium-sized enterprises and small business owners have been in difficult situations for a long time due to the impact of COVID-19,” adding, “We hope this low-interest loan support will help stabilize their management to some extent.”

For more details, check the district website’s announcement section (Our District Introduction → Notice Board → Announcement) or contact the Job and Economy Division of the district office.

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