18.75 Billion Special Loans for Seongbuk-gu Small Business Owners Open for Applications from the 15th

Seongbuk-gu, Woori Bank, and Credit Guarantee Foundation Sign Agreement for Financial Support to Small Business Owners (Special Contribution by Woori Bank)

Relaxed Screening Criteria and Low-Interest Loans Provided to Small and Medium Enterprises and Small Business Owners in the Area

Applications Accepted from May 15 to June 30 at the 8th Floor Regional Economy Division Reception Desk, Seongbuk-gu Office

Loan Scale of 18.75 Billion KRW, Loan Limit of 70 Million KRW per Business, Interest Rate of 3.47% per Year (Variable Rate)

Seongbuk-gu (Mayor Lee Seung-ro) will begin accepting applications for special loans targeting local small business owners starting from the 15th.

This loan support follows a tripartite business agreement signed on the 26th of last month between Seongbuk-gu, Woori Bank, and the Credit Guarantee Foundation for financial support to small business owners (special contribution by Woori Bank).

Out of the total 5 billion KRW specially contributed by Woori Bank, the financial institution serving as Seongbuk-gu’s official bank, over four years (2023?2026), 1.5 billion KRW will be contributed this year to provide loans totaling 18.75 billion KRW through guarantees by the Seoul Credit Guarantee Foundation.

This project applies relaxed screening criteria and offers lower interest rates than commercial bank loan products to small and medium enterprises and small business owners who have difficulty obtaining operating funds loans from commercial banks due to insufficient collateral or low credit ratings.

The support targets small business owners located in Seongbuk-gu who have been registered for business in Seongbuk-gu for more than three months and are sole proprietors with a personal credit score of 595 or higher.

Lee Seung-ro, Mayor of Seongbuk-gu

The loan limit is up to 70 million KRW per business, including existing guarantees. The loan term is a one-year grace period followed by four years of equal principal repayments. The loan interest rate is 3.47% per year (variable rate). The Seoul Credit Guarantee Foundation’s guarantee fee rate is 0.8% per year for new loans and 1.0% per year for additional loans, with the guarantee fee prepaid at loan execution.

Corporations or businesses with co-representatives must apply separately to the Seoul Credit Guarantee Foundation. However, sole proprietors who have received a guarantee certificate from the Seoul Credit Guarantee Foundation within the past year and still have outstanding loan balances are excluded from this support.

The application period is from May 15 to June 30. Applications can be submitted in person on weekdays from 9:00 to 11:00 AM and 1:00 to 4:00 PM at the Regional Economy Division reception desk on the 8th floor of Seongbuk-gu Office.

For application documents, please check the Seongbuk-gu Office website or contact the relevant Woori Bank branches (▲Woori Bank Dongsomun Financial Center, ▲Jongam Branch, ▲Gireum New Town Branch, ▲Seongbuk-gu Office Branch).

Mayor Lee Seung-ro of Seongbuk-gu stated, “In these difficult times due to the economic downturn, the special contribution by Woori Bank and the guarantee support from the Credit Guarantee Foundation will serve as stepping stones for our district’s small and medium enterprises and small business owners to overcome the crisis and achieve stable growth.”

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