Suwon City Provides 1% Annual Loan for Food Hygiene Business Facility Improvement and Operating Funds

Suwon City Hall Exterior View

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province will provide loans at an annual interest rate of 1% for funds needed to improve and operate food hygiene business facilities.

On the 17th, Suwon City announced that it will carry out the "2023 Food Promotion Fund Facility Improvement and Operation Fund Loan Project," which offers low-interest loans at 1% per year up to 500 million KRW for facility improvement funds to food manufacturing and processing companies and food service establishments, and supports emergency COVID-19 operating fund loans for food service establishments struggling due to the prolonged COVID-19 pandemic.

The loan support scale includes ▲up to 500 million KRW for production facility improvement funds for food manufacturing and processing businesses ▲up to 100 million KRW for facility improvement funds for food service establishments ▲up to 20 million KRW for restroom facility improvement funds for food service establishments ▲up to 30 million KRW operating funds for exemplary restaurants and hygiene grade designated food service establishments ▲up to 20 million KRW emergency COVID-19 operating funds for food service establishments. Loan funds must be used for facility improvement or operation purposes.

The loan conditions are a 2-year grace period with 3 years of equal installment repayment for facility improvement funds, and a 1-year grace period with 2 years of equal installment repayment for restroom facility improvement and operating funds. The loan interest rate is 1% per year for all.

To apply for a loan, applicants must first consult with the Suwon branch of the NongHyup Central Association to check loan eligibility, then submit the loan application form, business plan, and related documents to the Environmental Hygiene Division of the district office with jurisdiction over the business location.

A city official said, "We hope the low-interest loan project of the Food Promotion Fund will support hygiene business owners who are struggling due to the economic downturn," and added, "We will encourage voluntary facility improvements to create an environment where citizens can safely use food at hygienic establishments."

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