SBC, Expansion of Support Targets for 'Rechallenge Special Fund'
The Small Enterprise and Market Service announced on the 4th that it has expanded the support targets for the 'Special Fund for Rechallenge.'
The Special Fund for Rechallenge is a policy fund launched in April to promote the business stability of small business owners who have difficulty obtaining loans from private banks for re-startups and those who faithfully repay after debt adjustment. It offers support for up to 70 million KRW over 5 years (2 years grace period, 3 years repayment) at a fixed annual interest rate of 3%.
With this revision, the scope of recognized re-startup small business owners and those who faithfully repay after debt adjustment has been expanded, allowing more small business owners to receive policy fund support. First, among the types of re-startups, the support target for the 'initial stage' has been expanded by significantly relaxing the business duration criterion from less than 3 years to less than 7 years. The sales performance criteria for closed businesses have also been revised. Businesses that resumed operations after a temporary closure or changed their business type are now included in the support targets. For debt adjustment types, small business owners who faithfully repay under the Credit Recovery Committee are also recognized as support targets. In addition to those who have faithfully repaid more than six times after debt adjustment, small business owners who completed faithful repayment within the last 3 years are also included in the support targets.
Applications for the Special Fund for Rechallenge this month will be accepted online from 9 a.m. on the 4th until 6 p.m. on the 8th through the Small Business Policy Fund website. Detailed information can be found in the notices section of the website.
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Park Seong-hyo, Director of the Small Enterprise and Market Service, stated, “The Special Fund for Rechallenge is a fund for the re-leap of small business owners who have restarted or faithfully fulfilled debt adjustment. We expect that through this expansion of targets, more small business owners will be able to receive policy funds and achieve re-leap and growth.”
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