Dobong-gu Provides Interest-Free Loans for Living Stability Funds

Interest-Free Living Stability Fund Loans Supported Until December 2021 and Relaxation of Property Tax Conditions for Eligibility... Property Tax Under 200,000 KRW in 2020 → Under 400,000 KRW in 2021

[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Dongjin Lee) will provide interest-free loans for living stabilization funds starting February 15 to support low-income residents facing difficulties in small-scale business operations and livelihoods due to COVID-19.

The application period for the '1st Living Stabilization Fund' interest-free loan support is from February 15 to February 26, and applications can be submitted at Woori Bank Dobong-gu Office Branch.

The support targets households with annual property tax of 400,000 KRW or less and Dobong-gu residents whose average monthly income per urban worker household is below the standard (6,087,747 KRW for a four-person household). However, applicants must have regular income and a credit rating between 1 and 5.

As the COVID-19 situation prolongs, the district will provide interest-free loans until December 31, 2021, for the 1st Living Stabilization Fund recipients from the loan date. Additionally, the property tax criterion for eligibility has been relaxed from households with annual property tax of 200,000 KRW or less in 2020 to households with 400,000 KRW or less in 2021.

Applicants must apply at Woori Bank Dobong-gu Office Branch, undergo verification of loan repayment ability (credit rating, regular income, existing loans, etc.), and pass the review by the Living Stabilization Fund Loan Selection Committee.

After the review, the district will provide loans up to 50 million KRW per household starting March 22.

The loan terms are a 2-year grace period followed by 3 years of equal installment repayments. The loan funds can be used for ▲ small-scale manufacturing and service businesses or equivalent commercial activities ▲ rent deposits for the homeless ▲ tuition fees for students in high school or above (direct descendants) ▲ living expenses for disaster victims.

Mayor Dongjin Lee of Dobong-gu stated, “We hope that the interest-free loan support and the relaxation of eligibility conditions will help revitalize the management and household economy of small business owners and low-income local residents struggling due to COVID-19.”

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