Small Business Owners Prioritized for Daily Recovery... Busan City Provides 200 Billion KRW in 3No Plus Special Funds

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] Busan City is providing the 'Small Business Owners 3-No Plus Special Fund' in collaboration with commercial banks and the Busan Credit Guarantee Foundation. The four banks participating in the financial support are Busan Bank, Kookmin Bank, Shinhan Bank, and Hana Bank.

The special fund was planned to overcome COVID-19 and help small business owners recover their management. It is an expansion to double the scale of the 'COVID-19 Damage Small Business Owners 3-No (No Collateral, No Credit, No Interest) Special Fund' implemented in May.

The special fund is targeted at small business owners in Busan who started their business before June 30, 2021, and who did not receive the previous support benefits.

The Busan Credit Guarantee Foundation announced that the special fund loans will be provided interest-free for one year regardless of individual credit scores.

The repayment terms are a one-year grace period followed by four years of equal monthly principal repayments, with no prepayment penalties.

Busan City will support the full interest for the initial one year and an interest rate of 0.8% from years 2 to 5.

Loans will be executed within 2-3 days if applied through the bank’s app or website without visiting the bank. Only the lease contract needs to be uploaded without an application form.

For individual business owners who are joint business owners or corporations, applications must be made by visiting the bank.

Businesses that have already benefited from the existing Small Business Owners 3-No Special Fund, those who received new guarantees from the Credit Guarantee Foundation within the last three months, businesses with overdue payments, seizures, provisional seizures, personal rehabilitation, bankruptcy, or those restricted from re-guarantee by the Credit Guarantee Foundation Central Association, as well as closed or suspended businesses, and those simultaneously using guarantees from both the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation, are not eligible for the special fund.

Park Hyung-jun, Mayor of Busan, stated, “We will promote various support measures as the top priority of Busan City to help local small business owners restore their daily lives.”

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