Eunpyeong-gu Expands Loan Support for Social Economy Activation Fund in 2021
From March 2021, ongoing applications and reviews with loans up to 100 million KRW per company... Annual interest rate 0.8%, 1-year grace period with 4-year equal principal repayments or 5-year equal principal repayments... For social economy enterprises or organizations operating in Eunpyeong-gu for over 6 months
[Asia Economy Reporter Jongil Park] Eunpyeong-gu (Mayor Kim Mi-kyung) is expanding the 'Social Economy Revitalization Fund Loan Project' with a total scale of 900 million KRW to help revitalize the economy for social economy enterprises or organizations facing difficulties due to the economic downturn caused by the spread of COVID-19 infection.
The loan project being implemented this time targets social economy enterprises or organizations located in Eunpyeong-gu, providing up to 100 million KRW per enterprise (within 35% of the previous year's sales). For small loans within 30 million KRW, the previous year's sales criteria will not be applied.
The repayment condition is an annual interest rate of 0.8%, temporarily reduced until July 30, with either a 1-year grace period followed by 4 years of equal principal repayments or 5 years of equal principal repayments. To obtain the loan, collateral registration such as real rights or a credit guarantee certificate is required.
Social economy enterprises or organizations in need of funds must receive prior consultation at Woori Bank Eunpyeong-gu Office branch and then visit and submit documents such as the loan application form, business plan, and national (local) tax payment certificate to the Social Economy Division of Eunpyeong-gu Office from March 23. Support eligibility will be determined through subsequent screening.
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An official from Eunpyeong-gu Office stated, “The 2021 Social Economy Revitalization Fund Loan Project has relaxed loan limit criteria and lowered loan interest rates compared to last year, supporting operating funds for social economy enterprises or organizations within the region to strengthen self-sustainability, promote social economy revitalization, overcome the economic downturn caused by COVID-19, and contribute to the development of the Eunpyeong-gu local economy.”
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