Ministry of SMEs and Startups Provides Up to 10 Million KRW Low-Interest Loans to 100,000 Low-Credit Small Business Owners

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[Asia Economy Reporter Hyunwoo Lee] The Ministry of SMEs and Startups announced on the 4th that it will provide low-interest loans at an annual rate of 1.5%, up to a maximum of 10 million KRW per person, to 100,000 low-credit small business owners affected by COVID-19.

The loan targets are low-credit (744 points or below) small business owners in industries subject to gathering bans, business restrictions, or management crises who received the 4th disaster relief fund, 'Beotimmok Fund Plus.' The loan method is a direct loan through the Small Enterprise and Market Service, with a 2-year grace period and a 3-year repayment term. Interest payments are deferred for the first 6 months after the loan.

Those with tax delinquencies or overdue payments to financial institutions, those who are temporarily closed or out of business, or those who are not small business owners are excluded from the loan eligibility. Applications can be submitted from 9 a.m. on the 5th via the Small Business Policy Fund website (https://ols.sbiz.or.kr).

During the application period from the 5th to the 9th, a 5-day rotation system will be implemented based on the last digit of the representative's resident registration number birth year. Applications are accepted on Monday for last digits 1 and 6, Tuesday for 2 and 7, Wednesday for 3 and 8, Thursday for 4 and 9, and Friday for 5 and 0.

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