Seoul Gangseo-gu, Food Promotion Fund Loan Interest Rate Reduced from 2% to 1%

Support for Facility Improvement of Food Hygiene Business Establishments... Expected to Create a High-Quality Food Hygiene Environment and Reduce Economic Burden on Businesses

[Asia Economy Reporter Jong-il Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) will temporarily reduce the interest rate on the Food Promotion Fund loans from 2% per annum to 1% from July to December to support food hygiene businesses struggling due to COVID-19.

The purpose is to improve the hygiene level of food hygiene businesses, create a safe food provision environment, and alleviate the economic burden caused by the prolonged COVID-19 pandemic.

The scale of this Food Promotion Fund loan is 200 million KRW from the district fund and 2 billion KRW from the Seoul city fund (targeting 25 autonomous districts in Seoul).

The loan funds are intended for costs required for repair and renovation of business sites to improve hygiene levels, facility improvement funds for installing necessary machinery and equipment for business operations, and development funds for facility improvement and operation of exemplary restaurants.

The loan targets are general restaurants, cafes, and food manufacturing and processing businesses registered in Gangseo-gu, with a maximum loan amount ranging from 20 million KRW to 100 million KRW depending on the industry and loan type.

Facility improvement funds for food manufacturing businesses are limited to 100 million KRW with a 3-year grace period and 5-year repayment term, while facility improvement funds for general restaurants, cafes, bakeries, and catering services are limited to 100 million KRW with a 1-year grace period and 3-year repayment term.

Restroom facility improvement funds for food service businesses are limited to 20 million KRW with a 1-year grace period and 2-year repayment term, and development funds for exemplary restaurants are limited to 50 million KRW with a 1-year grace period and 2-year repayment term. However, facility improvement funds support up to 80% of the total cost of facility improvements, and among the eligible recipients, entertainment bars and businesses handling objectionable foods are only supported for restroom improvement funds.

Additionally, business owners who are currently repaying or have repaid Food Promotion Fund loans within the past year are excluded from support.

The district provides loan support year-round until funds are exhausted, and food hygiene businesses wishing to apply can visit the Gangseo-gu Public Health Center’s Hygiene Management Division to apply.

Detailed information can be found on the ‘Gangseo-gu Office website - News Plaza - Notices/News’, where application forms can also be downloaded.

A district official said, “We hope this loan support will help revitalize the operations of food hygiene businesses struggling due to COVID-19, even if only a little. We will do our best to support many food hygiene business owners to reduce their economic burden and provide residents with tastier and safer food.”

For detailed inquiries, please contact the Hygiene Management Division of Gangseo-gu Public Health Center.

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