Daejeon City Provides Interest-Free Loans to Small Business Owners for 'Closure to Business Restart' Support
[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City will provide interest-free loan support to local small business owners who are restarting their businesses after closure.
The city announced on the 2nd that it will implement the "Special Guarantee for Business Restart after Closure" to help small business owners who had closed due to the COVID-19 management crisis to resume their businesses.
The special guarantee fund totals 40 billion KRW. The guarantee will be provided through the Daejeon Credit Guarantee Foundation, with a maximum of up to 30 million KRW per business.
The loan terms include a 3-year grace period with lump-sum repayment. The city will cover all interest subsidies and credit guarantee fees, allowing small business owners to effectively borrow money interest-free.
Eligible applicants are individual business owners who closed their businesses last year or this year and have restarted after July 1st, with at least one month elapsed since reopening, and who have a personal credit score of 595 points (credit grade 7) or higher.
Small business owners wishing to apply can do so through branches of Kookmin Bank, NongHyup Bank, Shinhan Bank, or Hana Bank located in Daejeon.
For more detailed information about the special guarantee, please refer to the Daejeon Credit Guarantee Foundation website or inquire at each bank branch or the Daejeon Credit Guarantee Foundation.
Earlier, since September, the city has been implementing a 120 billion KRW scale "City-District Cooperative Interest-Free Special Guarantee for Small Business Owners" to support small business owners facing dual hardships such as rising interest rates.
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Ko Hyun-duk, Director of the City’s Job and Economy Bureau, said, "We hope the special guarantee will be a practical help to small business owners who are starting new businesses in line with the phased recovery of daily life (With COVID-19). The city will continue to discover and promote various policies for daily life recovery and do its best to restore the livelihood economy."
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