Eunpyeong-gu, 2024 Social Economy Activation Fund Loan Support
Up to KRW 100 million loan per company after rolling application and review... Annual interest rate 1%... 1-year grace period with 4-year equal principal repayment or 2-year grace period with 3-year equal principal repayment... For social economy enterprises or organizations operating in Eunpyeong-gu for over 6 months
Eunpyeong-gu (Mayor Kim Mi-kyung) announced that it will implement the "2024 Social Economy Revitalization Fund Loan Project" with a total scale of 600 million KRW to help revitalize the economy for social economy enterprises struggling due to the economic downturn.
The loan project supports social economy enterprises within the region with up to 100 million KRW per enterprise. The repayment conditions are an annual interest rate of 1%, with either a 1-year grace period followed by 4 years of equal principal repayments or a 2-year grace period followed by 3 years of equal principal repayments. For the loan, collateral registration of real rights or a credit guarantee certificate is required.
Social economy enterprises in need of funds can receive prior consultation at the Seoul Credit Guarantee Foundation Eunpyeong Branch (for credit guarantee certificates) or Shinhan Bank Eunpyeong-gu Office Branch (for real estate). Applications must be submitted in person to the Social Economy Division of Eunpyeong-gu Office with documents including the loan application form, business plan, and certificate of full payment of national (local) taxes. Applications are accepted on an ongoing basis, and support decisions will be made through subsequent review.
Detailed information can be found on the Eunpyeong-gu Office website under Notices and Announcements.
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An official from the district stated, "We decided to operate the loan at a rate lower than market interest rates to reduce the burden on social economy enterprises," adding, "Through loan support, we expect to strengthen the self-sustainability of social economy enterprises in the district, promote the activation of the social economy, and contribute to the development of the local economy."
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