Gyeonggi-do Supports Up to 20 Million KRW for 'Small Business Owners COVID-19 Overcome Account'

For Medium-Low Credit, Low-Income, and Self-Employed Individuals

[Asia Economy Reporter La Young-cheol] Gyeonggi Province announced on the 25th that it will implement measures to expand the support limit for the 'Gyeonggi COVID-19 Overcome Account' for small business owners starting at the end of August.

From the 30th, the province will increase the support limit per business from the current 10 million KRW to 20 million KRW through credit guarantee support, effective from the 13th of next month. Applications can be made at NH Nonghyup Bank branches within the province.

The support targets are medium- and low-credit borrowers, low-income individuals, and small business owners within the province, excluding those who are unable to engage in financial transactions.

The loan limit is up to 20 million KRW, with a variable interest rate of 2.62% per annum over 3 months and a fixed interest rate of 3.03% per annum for 1 year as of the end of July this year. The province fully covers the guarantee fee.

The loan period can be extended annually up to a maximum of 5 years.

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