Daejeon City Provides '200 Billion Won' Interest-Free Special Loans to Small Business Owners

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 7th that it will implement a 200 billion KRW-scale ‘Special Interest-Free and Guarantee Fee-Free Loan for Small Business Owners to Overcome Crisis’ in cooperation with the Daejeon Credit Guarantee Foundation.

The special loan will be provided with a guarantee from the Daejeon Credit Guarantee Foundation, up to a maximum of 20 million KRW per business.

The loan terms include a one-year grace period with lump-sum repayment. The city will fully cover the interest subsidy and credit guarantee fees, so small business owners who receive the loan will bear no actual interest burden.

Self-employed individuals and small business owners can apply for the special loan by visiting branches of Kookmin Bank, NongHyup Bank, Shinhan Bank, and Hana Bank located in Daejeon. Woori Bank will accept applications starting in April.

For more details, please refer to the announcement on the Daejeon Credit Guarantee Foundation website or inquire at each bank’s branch.

Previously, in September last year, the city supported small business owners by implementing a 120 billion KRW-scale ‘City-District Cooperative Interest-Free Special Guarantee for Small Business Owners.’

Im Muk, Director of the City’s Job and Economy Bureau, said, “We hope this financial support will be of some help to local self-employed individuals who have been facing economic difficulties due to the prolonged COVID-19 pandemic. The city will continue to develop and implement various policies for daily life recovery to help revive the local economy.”

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