Seongdong-gu Provides 6.5 Billion Won Loan Support Including Small Business Development Fund
Loan applications and submissions totaling 6.5 billion KRW by the 26th, with an interest rate of 1.5% and a 1-year grace period followed by 3 years of equal installment repayments
Total 6.5 billion KRW including 3.5 billion KRW from the Small and Medium Business Development Fund and 3 billion KRW from Bank Cooperation Funds
Seongdong-gu, Seoul (Mayor Jung Won-oh) will provide a total of 6.5 billion KRW in second-half loan support, combining 3.5 billion KRW from the Small and Medium Business Development Fund and 3 billion KRW in bank cooperation funds, to small and medium-sized enterprises (SMEs) and small business owners facing management difficulties.
The application period is until the 26th of this month. For the district funds, the interest rate is 1.5% with a loan period of 4 years (1 year grace period and 3 years equal repayment). For the bank cooperation funds, the district supports an annual interest rate of 1%.
The support targets are SMEs or small business owners who have their main office or factory in Seongdong-gu as of the application date and have been registered for more than 6 months, with support available up to 200 million KRW. However, businesses that are temporarily closed or shut down, credit delinquents, those prohibited from guarantees, and restricted industries are not eligible to apply.
Companies wishing to apply for loans should bring the required documents, visit Shinhan, KEB Hana, Woori, or IBK banks for preliminary consultation, and then apply in person at the Seongdong-gu Office Regional Economy Division. For more details, please check the notices section on the Seongdong-gu Office website.
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Jung Won-oh, Mayor of Seongdong-gu, stated, "As the complex crisis situation including economic recession and high interest rates continues, the difficulties of local companies are intensifying. We will do our best to manage funds so that the Small and Medium Business Development Fund is timely provided to companies in need of capital and offers practical help."
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