Gwanak-gu Provides 4 Billion KRW Annual Low-Interest Loans at 1.5% for SMEs and Small Business Owners

From January 17 to May 31, 3 Billion KRW Loan Support in the First Half of the Year... Up to 100 Million KRW per Company (50 Million KRW for Small Businesses), Contributing to Easing Financial Difficulties Caused by High Interest Rates and Inflation

Gwanak-gu (District Mayor Park Jun-hee) will implement the ‘2024 Small and Medium Enterprise Development Fund Loan Support’ to assist small and medium-sized enterprises (SMEs) and small business owners facing financial difficulties due to high inflation, high interest rates, and high exchange rates.

Last year, the district provided loans totaling 3.495 billion KRW from the SME Development Fund to 87 SMEs and small business owners within the district, receiving great positive feedback. This year, considering the increasing demand, the total loan amount has been increased to 4 billion KRW, with 3 billion KRW planned to be supported in the first half of the year.

In particular, the district applies a low interest rate of 1.5% to quickly support the business stabilization of SMEs and small business owners, also striving to reduce the repayment burden on selected loan recipients.

Additionally, this year the loan application window has been unified to the ‘Woori Bank Gwanak-gu Office Branch’ to enhance convenience for applicants.

Companies or small business owners wishing to apply for loans can proceed with consultation and application procedures through the Woori Bank Gwanak-gu Office Branch without visiting the district office. However, for applicants requesting credit-secured loans, additional collateral evaluation procedures may be conducted through the Seoul Credit Guarantee Foundation Gwanak Branch.

The support targets are SMEs and small business owners who have registered their business in Gwanak-gu for more than six months as of the application date and possess real estate or credit collateral capability.

Each company can receive up to 100 million KRW (up to 50 million KRW for small business owners), which can be used for operating funds or facility funds, with a repayment plan of 2 years grace period followed by 3 years of equal installments.

The application period is until May 31, and the application method involves receiving loan consultation and collateral evaluation at the Woori Bank Gwanak-gu Office Branch, then submitting the loan application form, business plan, copy of business registration certificate, and other documents.

For more detailed information, please check the district office website (News & Notices → Public Announcements) or contact the Local Commercial District Revitalization Division.

The district plans to continue active support for SMEs and small business owners through ongoing loan support in the second half of the year to help stabilize their management.

District Mayor Park Jun-hee said, “Through this loan support project, we hope to alleviate the economic difficulties of SMEs and small business owners struggling with high interest rates and high inflation, even if only a little. Going forward, the district will continue to discover and operate various support policies and make every effort to revitalize the local economy.”

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