Gangnam-gu Provides 10 Billion KRW Loan Support for SMEs and Small Business Owners

Gangnam-gu Provides 10 Billion KRW Loan Support for SMEs and Small Business Owners in the Second Half of the Year

On-site applications accepted at the district office from July 19 to July 25... Low fixed interest rate of 0.8%, supporting up to 200 million KRW for corporations and 50 million KRW for individual business owners

Gangnam-gu (District Mayor Jo Seong-myeong) is implementing a loan support program worth 10 billion KRW in the second half of the year to assist small and medium-sized enterprises (SMEs) and small business owners struggling due to the economic downturn and rising interest rates.

The district is promoting a total loan support project of 30 billion KRW this year, divided into 20 billion KRW in the first half and 10 billion KRW in the second half. In the first half, 319 companies received support.

The eligible applicants are businesses located in Gangnam-gu that have been registered for more than one year. The loan funds can be used for operations, facilities, and technology development. The loan limit is up to 200 million KRW for corporate businesses and 50 million KRW for individual business owners. The interest rate is a fixed 0.8% per annum, with a repayment plan of a 1-year grace period followed by 4 years of equal installments. However, businesses currently repaying the SME development fund, those with unpaid national or local taxes, businesses that are temporarily closed or have ceased operations, entertainment bars, restaurants with exclusive areas over 330㎡, lodging businesses, and other restricted industries are excluded from eligibility.

Applications are accepted from July 19 to July 25. Interested businesses should prepare the loan application form, business plan, and other required documents and visit the loan reception desk on the basement level 1 of the district office main building to submit their applications. For more details, please check the district office website or contact the Regional Economy Division.

Jo Seong-myeong, Mayor of Gangnam-gu, stated, “We hope this second half loan support will help SMEs and small business owners who were unable to apply in the first half. We will continue to provide various supports to ensure the business stability of local SMEs and small business owners.”

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