Yongsan-gu Supports Youth Enterprises with 4 Billion KRW Loan at 1.5% Interest

From This Month to November, Ongoing Applications for 4 Billion KRW Youth Business Loans... 100 Million KRW for SMEs, 50 Million KRW for Small Business Owners... 1.5% Annual Interest Rate Applied... Targeting Youth Under 39 Living in Yongsan-gu for Over 6 Months with Business Registration

Yongsan-gu, Seoul (Mayor Park Hee-young) will implement the '2024 Youth Enterprise Loan Support' program worth 4 billion KRW from this month until the end of November. This is part of the Yongsan-gu Job Fund project.

The program aims to support youth enterprises in the region by providing low-interest loans for business management, facility improvements, and other activities, thereby contributing to the revitalization of the local economy.

The interest rate applied this year is 1.5% per annum, with a 1-year grace period and 4 years of equal installment repayments. Loans can be secured with real estate or credit guarantees. Small and medium-sized enterprises (SMEs) can borrow up to 100 million KRW per company, while small business owners can borrow up to 50 million KRW.

Eligible applicants are youth SMEs and small business owners aged 39 or younger who have resided in Yongsan-gu for at least six months as of the application date and have registered their business in Yongsan-gu. Businesses such as general entertainment restaurants, dance entertainment restaurants, other gambling facility management and operation businesses, and those with other loan records in Yongsan-gu within the past five years are excluded from support.

Applications for loan support this year can be submitted anytime from this month until the end of November. However, the program will end early if the 4 billion KRW budget is exhausted. Application forms can be downloaded from the Yongsan-gu Office website under Yongsan Introduction - District News - Notices/Announcements or the Job Fund bulletin board.

Applicants should prepare the loan application and related documents and submit them at the Woori Bank Yongsan-gu Office Branch (150 Noksapyeong-daero, 1st floor) Job Fund One-Stop Service counter. If providing a credit guarantee as collateral, prior consultation must be obtained at the Seoul Credit Guarantee Foundation Yongsan Branch (4 Hangang-daero 71-gil).

Loans will be disbursed after February 21, the application date. The district will hold a Fund Operation Deliberation Committee meeting around the 20th of each month to review loan support candidates.

Companies that can receive additional points in the evaluation, such as ▲venture companies ▲promising SMEs ▲support for low-income groups in Yongsan-gu ▲hiring Yongsan-gu residents ▲award recipients, must thoroughly prepare related supporting documents.

Since 2019, the district has provided loan support totaling approximately 8.2 billion KRW to 203 companies using the Job Fund.

Park Hee-young, Mayor of Yongsan-gu, stated, “We aim to provide low-interest loans to youth enterprises to give young people the opportunity to overcome the economic downturn and take off. We will support the future of our district’s youth, who possess outstanding abilities and passionate enthusiasm, through various policies.”

Meanwhile, using the Job Fund, the district plans to promote this year ▲public-private cooperation job projects ▲Trade Academy global expert training courses ▲employment competency enhancement for middle-aged people in their 50s and 60s.

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