Seogeumwon Provides 5 Billion KRW Special Operating Funds for Traditional Markets Ahead of Lunar New Year

The Korea Inclusive Finance Agency announced on the 22nd that it will sequentially provide a special operating fund of 5 billion KRW to temporarily alleviate the financial difficulties of small merchants in traditional markets ahead of the Lunar New Year holiday.

This support targets excellent markets that have been operating the Agency’s small loan program for traditional markets for more than six months among market merchant associations recommended by basic local governments.

Loans of up to 20 million KRW per market will be executed through the merchant associations, with up to 10 million KRW per person. The loan period is five months. The interest rate is determined within the rate autonomously set by the merchant association (within 4.5% per annum). Applications are accepted until February 8, before the Lunar New Year holiday.

The small loan program for traditional markets is a project in which the Agency provides operating funds for loan programs to traditional markets recommended by basic local governments. The merchant associations lend operating funds of up to 10 million KRW to merchants at a low average annual interest rate of 2.96%. Over the past year, a total of 5,495 people received 45 billion KRW in support, and since 2008, about 99,000 people have been supported with 610.9 billion KRW.

Lee Jae-yeon, President of the Korea Inclusive Finance Agency, stated, "Providing timely funds when needed, such as during the Lunar New Year holiday when demand for funds increases, is a very important role of inclusive finance," and added, "We will make various efforts to ensure that low-income and vulnerable groups can conveniently receive help through inclusive finance when they need it."

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