Seodaemun-gu Provides 20 Million Won Loan Support per Small Business 업체

Cooperation with Kookmin, Shinhan, Hana Banks and Seoul Credit Guarantee Foundation... Up to 20 Million KRW Loan per Company, Full Interest Support by the City for 1 Year

[Asia Economy Reporter Park Jong-il] Seodaemun-gu (Mayor Moon Seok-jin) is promoting a loan support project worth 20 billion KRW to help small business owners who are struggling due to the prolonged COVID-19 pandemic.

The target beneficiaries are small business owners who have been operating for more than six months in Seodaemun-gu and have a NICE personal credit score of 595 or higher (credit grade 7 or above).

They can receive credit guarantee loans up to 20 million KRW with a "1-year grace period and 4-year equal installment repayment" plan.

In particular, the district will fully cover the interest for one year from the loan date. After that, the small business owners will pay interest according to the variable interest rate.

The credit guarantee fee rate has also been reduced to 0.5% per year, down from the previous 0.8?1% per year.

For this project, Seodaemun-gu contributed 1 billion KRW, and Kookmin Bank, Shinhan Bank, and Hana Bank each contributed 200 million KRW.

Loans will be handled at the branches of the contributing banks located in Seodaemun-gu, and guarantees will be managed by the Seoul Credit Guarantee Foundation Seodaemun branch.

Even if there is an existing loan, if the amount is 100 million KRW or less, it is possible to receive a loan this time, which is expected to help small business owners in urgent need of funds.

Loan applications can be made from June 1 until funds are exhausted. Applicants should visit the respective bank with documents such as a copy of their business registration certificate and sales performance certificate for consultation.

For more details, check the notice on the Seodaemun-gu Office website or contact the Seodaemun-gu Office Job and Economy Division.

Mayor Moon Seok-jin said, “We are implementing the Seodaemun-type loan support project in cooperation with commercial banks and the Seoul Credit Guarantee Foundation to provide some support to small business owners who are going through a more difficult time than ever due to COVID-19.”

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