Gwanak-gu Provides Loan Support for Small Business Owners and SMEs to Overcome COVID-19

Contributing to Overcoming COVID-19 with Ultra-Low Interest Rate of 0.8%, Loan Applications and Executions from February to June... Early Support of 3 Billion Won in the First Half out of Total 4 Billion Won Support in 2021

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee) is conducting the ‘2021 First Half Gwanak-gu Small and Medium Enterprise Development Fund Loan Support’ to stabilize the management of small business owners and SMEs struggling with financial management due to the prolonged COVID-19 pandemic.

The total support scale this year is 4 billion KRW, with 3 billion KRW provided in the first half alone.

Also, following last year, a super-low interest rate of 0.8% will be maintained this year to help alleviate the financial difficulties of small business owners and SMEs.

Last year, the district supported a total of 4.299 billion KRW to 58 local small businesses facing difficulties due to the prolonged COVID-19 by expanding the loan support scale and lowering interest rates.

The application period starts with the February loan, accepting applications until the 19th, and continues monthly until June. The loan limit is up to 50 million KRW for small business owners and up to 100 million KRW for SMEs, with a repayment period of 2 years grace and 3 years equal installment repayment.

The support targets are small business owners and SMEs with business locations in Gwanak-gu and registered business licenses, with at least 6 months elapsed since registration as of the application date. However, industries such as finance, real estate, lodging, pubs, tobacco, alcohol, and other gambling-related businesses are excluded.

Applications can be submitted by visiting the Gwanak-gu Office’s Regional Commercial Revitalization Division after prior consultation on real estate and credit guarantee collateral evaluation at Woori Bank Gwanak-gu Office Branch and Seoul Credit Guarantee Foundation Gwanak Branch, attaching the application form, business plan, business registration certificate, and value-added tax standard certificates for the past 3 years.

Mayor Park Junhee said, “We aim to help local small business owners and SMEs overcome COVID-19 by providing monthly low-interest loans through the Small and Medium Enterprise Development Fund,” adding, “We will continue to discover and implement customized projects that effectively support local small business owners and SMEs struggling due to COVID-19.”

More detailed information about the Small and Medium Enterprise Development Fund loan support can be found on the Gwanak-gu Office website (News & Notices → Announcements) through the announcement and application forms.

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