Ministry of SMEs and Startups Begins Interest Refunds for Small Business Owners Using Small and Medium Financial Institutions

Application Submission for Q2 Until the 24th

On the 16th, the Ministry of SMEs and Startups announced the implementation of the 'Small and Medium Finance Sector Interest Refund' to alleviate the interest burden on small business owners struggling with high loan interest rates in the small and medium finance sector.

The support targets are individual business owners and corporate small enterprises who received business loans with interest rates between 5% and less than 7% from the small and medium finance sector as of December 31 of last year. Once it is confirmed that interest has been paid for more than one year, the refund amount for one year (up to 1.5 million KRW per person) will be paid in a lump sum at the upcoming quarter-end after applying for the interest refund.

The 'Small and Medium Finance Sector Interest Refund' has been accepting applications year-round since March 18, and to receive the interest refund between June 28 and July 5, the refund application must be submitted by June 24.

About 160,000 borrowers applied for the refund in the first quarter, and approximately 120 billion KRW in interest has been refunded.

Individual business owners can apply online or offline, and detailed information can be found on the websites of individual financial institutions as well as the Ministry of SMEs and Startups and the Financial Services Commission.

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