Dongjak-gu Supports Small Business Owners with Annual 1.5% Interest Loans up to 100 Million KRW

From the 7th, Applications Open for 'Small and Medium Enterprise Development Fund Loans'... Businesses Operating Locally for Over 6 Months Eligible

[Asia Economy Reporter Jongil Park] Dongjak-gu (Mayor Park Ilha) is providing a total of 2 billion KRW in the ‘Small and Medium Enterprise Development Fund Loans’ to support small and medium-sized enterprises (SMEs) and small business owners facing increasing difficulties due to the recent rise in interest rates following COVID-19.

In particular, this support project is one of the ‘30-day action plans’ promised by Mayor Park Ilha at the inauguration ceremony of the 8th local government on the 1st, reflecting the urgent need to stabilize people’s livelihoods more than ever.

The support targets SMEs and small business owners who have had a business location in Dongjak-gu and have been operating for more than six months. Financial services, insurance, real estate, and similar industries are excluded.

Loans can be received up to a maximum of 100 million KRW per company (varying by industry) at an annual interest rate of 1.5%, with a selectable repayment period within five years. The loan funds can be used for facility improvements, rent, labor costs, and other expenses.

Applications are accepted from the 7th of this month until funds are exhausted. Applicants must bring ▲loan application form ▲copy of business registration certificate ▲business plan, and visit the Economic Promotion Division of Dongjak-gu Office.

Approval is determined through the review results of the Dongjak-gu Small and Medium Enterprise Development Fund Operation Committee. Selected companies may have loan amounts adjusted or be excluded from loan eligibility based on the bank’s assessment of repayment ability.

For other inquiries related to the Small and Medium Enterprise Development Fund support, please contact the Economic Promotion Division.

Mayor Park Ilha said, “We hope that low-interest loan support will help alleviate the financial difficulties of SMEs and small business owners,” and added, “In September, we also plan to additionally promote special guarantee support worth 14 billion KRW.”

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