Sejong-si, Early Support for Small Business Funds Worth 3 Billion Won

Provided by Sejong City

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will provide early support of 3 billion KRW in funds for small business owners.

The city announced on the 10th that it will support 3 billion KRW out of the 6 billion KRW allocated for small business funds in the 3rd and 4th quarters during the 1st quarter.

Small business funds are supported quarterly with set limits to alleviate management difficulties. However, the city explained that due to the recent spread of COVID-19 and the increasing economic hardships faced by small business owners, it decided to provide early support in the 1st quarter.

Through this, the small business funds allocated for the 1st quarter will increase from the original 6 billion KRW to 9 billion KRW.

Support for small business funds is provided to small business owners operating businesses within Sejong. The support amount is up to 30 million KRW per business. For repayment conditions, if the repayment is a lump sum after a 2-year grace period, 2 percentage points will be supported from the financial institution loan interest rate; if repayment is equal installments over 2 years after a 1-year grace period, 1.75 percentage points will be supported.

Applications for small business fund support can be made through the Gongju and Cheonan branches of the Chungnam Credit Guarantee Foundation.

Separately, the city plans to actively promote the government’s ‘Small Business Financial Support Program’ to strengthen financial support for small business owners. This program is divided into financial support such as the ‘2nd Small Business Financial Support’ providing up to 20 million KRW to all small business owners, ‘Special Loans for Gathering Restrictions,’ and ‘Special Financing for Prohibited Gathering Industries.’

A city official said, “The city will do its best to reduce the management burden of local small business owners through the additional 1st quarter allocation of small business funds and the central government’s small business financial support program.”

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