Mokpo City Supports Small Businesses Facing Financial Difficulties with 'Loan Interest Subsidy'

Support of up to 25 million KRW per company, 2.5% annually for 1 year

[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] Mokpo City, Jeollanam-do, will partially support the interest on loans to stabilize the management and strengthen the self-sustainability of small business owners struggling with management difficulties due to COVID-19.

According to the city on the 9th, it plans to support an annual interest rate of 2.5% on loans up to 30 million KRW per business for one year from the loan date.

The support target is small business owners who have business registration and address in Mokpo City as of the announcement date and operate their business premises there.

The application period is from the 12th until the budget (400 million KRW) is exhausted, and applications can be submitted at the Jeonnam Credit Guarantee Foundation Mokpo branch.

Support recipients will be selected through document screening and, if necessary, on-site investigations by the Jeonnam Credit Guarantee Foundation, and businesses must complete the loan at a financial institution within 30 days from the date of receiving the loan recommendation notice.

The city has signed business agreements with 22 financial institutions, including first-tier financial institutions (banks) as well as second-tier financial institutions such as Saemaeul Geumgo and credit unions, to enhance the convenience of small business owners' transactions with financial institutions.

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