Busan City Provides Up to 10 Million KRW Interest-Free Support for 2 Years to Businesses Under Gathering Ban or Restrictions

Emergency Injection of 'Exclusive Special Funds' for COVID-19 Damage, Full Support for 2.8% Loan Interest

Customized Funds Worth 10 Billion KRW ... 100% Guarantee by Busan Credit Guarantee Foundation

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Emergency funds will be provided interest-free to businesses in Busan city subject to gathering bans and restrictions, which have been hit hard by COVID-19.

On the 29th, Busan City announced that it will inject additional "Special Funds Exclusively for Gathering Ban and Restricted Businesses" to support small business owners facing increased difficulties due to strengthened COVID-19 quarantine measures.

This emergency fund targets businesses subject to gathering bans and operational restrictions under Busan City's strengthened social distancing administrative orders (excluding those covered by the government's 2nd program). The Busan Credit Guarantee Foundation will provide 100% guarantee support up to a limit of 10 million KRW, and Busan City will cover the entire 2.8% (fixed rate) interest, offering a two-year interest-free benefit.

A new fund of approximately 10 billion KRW will be established and expanded to support business stabilization funds, including rent, food ingredient purchases, and overdue payment settlements.

This fund support is aimed at small business owners who did not receive support from the government's 2nd special loan program, addressing the blind spots in government financial assistance.

Kim Yoon-il, Director of Busan City's Job and Economy Office, said, "Although small business owners and self-employed individuals actively cooperated with quarantine measures to curb the spread of COVID-19, their pain and damage are significant. Especially since businesses subject to gathering bans and restrictions face the greatest difficulties, we hope this emergency fund, as a tailored support, will provide even a small help."

Applications for the "Special Funds Exclusively for Small Business Owners in Gathering Ban and Restricted Businesses" will be accepted starting from the 29th. Detailed support information can be found on Busan City's website (notices and announcements), and inquiries can be made at the Busan Credit Guarantee Foundation or any branch of Busan Bank.

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