Chungnam Province Provides '1% Annual Interest' Loans for Food Business Facility Improvement Funds

On the 7th, Chungnam Province announced that it will implement a facility improvement fund loan project for food hygiene businesses within the province.

The loan project will be promoted using the Food Promotion Fund. The loan limit per business is up to 50 million KRW, with loan conditions of 1% annual interest, a 2-year grace period, and 4 years of equal principal repayments.

The target businesses are food hygiene establishments registered or licensed in Chungnam that wish to renovate aging facilities or replace interior designs.

The loan limits vary as follows: ▲ 50 million KRW for food manufacturing and health functional food manufacturing businesses ▲ 30 million KRW for food service establishments, group catering facilities, and health functional food sales businesses ▲ 10 million KRW for children’s preferred food sales businesses. Additionally, up to 20 million KRW is separately provided for restroom improvement funds.

However, large businesses with annual sales of 3 billion KRW or more, closed or suspended businesses, businesses that have received administrative sanctions for immoral or perverted business practices within the past two years or are currently under administrative sanctions, and certain food service establishments such as karaoke bars and entertainment bars (restroom improvement funds are allowed) are excluded from eligibility.

Businesses wishing to apply for the loan can submit an application to the hygiene department of the city or county within the province and then consult with KB Kookmin Bank regarding loan availability.

The province plans to select the final support recipients after on-site inspections and review.

For more detailed information about the project, please refer to the announcement posted on the provincial website or contact the Health Promotion Food Division at the provincial office or the hygiene department of the city or county where the business is located.

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