Yoon Seok-yeol Announces Half-Price Rent Project for Small Business Owners to Recover from COVID-19 Damage

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Yoon Seok-yeol, the presidential candidate of the People Power Party, pledged on the 2nd to significantly expand loan financial support, including the 'Korean-style Half-Price Rent Project,' for small business owners and self-employed individuals who suffered losses due to COVID-19 business restrictions.

On the same day, Yoon held a 'COVID-19 Self-Employed Damage Field Meeting' at a restaurant in Jongno-gu, Seoul, stating, "We will introduce a Korean-style loan reduction program that first provides government-guaranteed loans to small business owners and self-employed individuals, then excludes 50% of rent and utility fees from the loan repayment amount."

The Korean-style Half-Price Rent Project is a system that provides loans with a 3-year grace period and 5-year repayment term to self-employed individuals and small business owners. If the loan is used solely for rent and utility fees, 50% of the loan will be exempted from repayment, and the remaining loan amount can be repaid in installments over the next 5 years. The loan limit is 50 million KRW per person, and multiple loans are allowed.

Yoon explained the purpose, saying, "The biggest difficulty for small business owners and self-employed individuals during the pandemic is the burden of fixed costs such as rent and utility fees," and added, "We intend to introduce a new crisis recovery system that can cover fixed costs until the COVID-19 situation stabilizes."

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