Gangbuk-gu Provides Up to 20 Million Won Loans to Small Business Owners to Overcome COVID-19 Crisis

Up to 20 million KRW per company, interest-free loans for 1 year... Applications open from April 30 at all Shinhan Bank, Woori Bank, and Hana Bank branches in Gangbuk-gu

[Asia Economy Reporter Park Jong-il] Gangbuk-gu (District Mayor Park Kyum-soo) will implement the ‘Gangbuk-gu Small Business Interest-Free Loan’ starting April 30.

The total support fund amounts to 20 billion KRW, with the district covering the full interest for the first year after the loan is issued.

This is the first time that the district’s loan program for local small business owners is being operated interest-free. The district announced that it is carrying out this project in collaboration with the Seoul Credit Guarantee Foundation Gangbuk Branch and Shinhan Bank, Woori Bank, and Hana Bank to reduce the damage to small business owners caused by the prolonged COVID-19 pandemic and to revitalize the local economy.

Eligible applicants are small business owners and SMEs who have a business location in Gangbuk-gu and have been registered for at least six months, with a personal credit score of 595 points (equivalent to grade 7 in the district’s system) or higher.

Loans of up to 20 million KRW per business are available, with a guarantee fee of 0.5%, a one-year grace period, and a four-year installment repayment plan. The loan will be interest-free for the first year and then operate at a variable interest rate of approximately 2.6% for the following year.

Applications can be submitted at all branches of the following banks within Gangbuk-gu: ▲Shinhan Bank (Gangbuk-gu Office Branch, Gangbuk Financial Center, Mia Station Branch) ▲Woori Bank (Suyu-dong Financial Center·District Office Intersection, Mia Station Branch, Mia-dong Branch, Ui-dong Branch) ▲Hana Bank (Suyu Station Financial Center, Mia Sageori Station Branch, Beon-dong Branch).

The district plans to continue the program until the 20 billion KRW funding limit is exhausted.

Gangbuk-gu Mayor Park Kyum-soo said, “We prepared this project to support small business owners who are going through a more difficult time than ever due to the ongoing COVID-19 pandemic lasting over a year,” adding, “We will strive to establish support policies so that small business owners do not lose hope and can continue their livelihoods.”

For more detailed information, please check the ‘News’ section on the district office website. If you have any questions, contact the District Office Job and Economy Division or any of the application centers.

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