Nowon-gu, 2022 Small Business Development Fund Loan Support

Total 2 Billion KRW Scale from February 21 to 28... Annual 1.5% Special Low Interest Rate Maintained, 1-Year Grace Period with 4-Year or 2-Year Grace Period with 3-Year Equal Installment Repayment

[Asia Economy Reporter Jongil Park] Nowon-gu (Mayor Oh Seung-rok) announced that it will provide loan support through the ‘2022 Small and Medium Business Promotion Fund’ to alleviate financial difficulties faced by small and medium-sized enterprises (SMEs) and small business owners due to the prolonged COVID-19 pandemic.

The total fund amounts to 2 billion KRW and targets SMEs and small business owners who have their main office registered in Nowon-gu.

Applicants must have collateral capability such as real estate or credit guarantees according to bank credit regulations. If the loan is used for purposes other than the intended use, the loan may be recalled and retroactively applied with general interest rates, so caution is required.

The fund can be used for facility funds, operating funds, and technology development funds, and the loan amount is limited within the collateral limit.

▲ Businesses in finance and insurance, real estate, lodging, gambling facility management and operation, or other sectors not aligned with the fund’s purpose ▲ Companies currently repaying loans from the Nowon-gu Small and Medium Business Promotion Fund as of the application date ▲ Companies with national or local tax arrears are restricted from receiving loans.

The temporarily reduced low interest rate of 1.5% per annum, applied since COVID-19, will be extended this year as well. Applicants can choose between a 1-year grace period with 4 years of equal installment repayment or a 2-year grace period with 3 years of equal installment repayment.

The application period is from February 21 to February 28 and will close once funds are exhausted.

To apply, visit either the Kookmin Bank Nowon-gu Office Branch or the IBK Bank Nowon Station Branch to confirm the collateral evaluation amount, fill out the loan application form with the desired loan amount, and then bring the business plan and other required documents to the Nowon-gu Office Job and Economy Division.

After document review, on-site inspection, and deliberation by the Fund Operation Committee, loans are planned to be disbursed starting mid-March.

For more details, refer to the ‘Notices and Announcements’ section on the Nowon-gu website or contact the Nowon-gu Job and Economy Division.

Mayor Oh Seung-rok said, “I hope this support project will be of some help to SMEs and small business owners struggling with financial difficulties due to the prolonged COVID-19 pandemic,” and added, “We will continue to promote various support projects for SMEs and small business owners.”

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