Dongjak-gu Launches Emergency Relief Measures for SMEs and Small Business Owners Affected by Timeff Incident

Emergency Loan Support, Free Legal Consultation, and New Market Access

View of Dongjak District Office.

Dongjak-gu, Seoul (Mayor Park Il-ha) announced on the 5th that it will mobilize all immediately available institutional measures to assist small and medium-sized enterprises and small business owners in the district who have suffered damages due to the unsettled payment issue with TMON and WEMAKEPRICE (Timemep).

The district has decided to provide emergency financial support to stabilize the management of small business owners affected by WEMAKEPRICE and TMON. First, through the 'Special Guarantee Loan Support for Small Business Owners' worth 13 billion KRW, interest-free loans of up to 70 million KRW will be provided for the first year. Applicants can apply after consulting by visiting local branches of Kookmin Bank, Woori Bank, Shinhan Bank, or Hana Bank with required documents such as their business registration certificate.

From mid-this month, an additional 1.3 billion KRW from the 'Small and Medium Enterprise Development Fund' will be injected, offering loans at an annual interest rate of 1.5% up to 200 million KRW (up to 200 million KRW for manufacturing and construction industries, and up to 50 million KRW for wholesale, retail, and others).

The 'Free Legal Consultation Office,' which the district has been expanding since April, will serve as a relief channel for victims. Legal counselors consisting of three lawyers and one tax accountant will provide legal and tax consultations to victims, offering responses and solutions.

Additionally, the district plans to operate special promotional booths for affected businesses at upcoming district-hosted festivals and events to support securing new sales channels.

The district will also reorganize its work processing system to prioritize support for affected tenant businesses. For more details, inquiries can be made by calling the Economic Policy Division of Dongjak-gu Office.

Mayor Park Il-ha stated, “We have proactively prepared district-level support measures for Dongjak-gu residents affected by the TMON and WEMAKEPRICE incident,” adding, “We will closely monitor future government measures and make every effort to minimize the damage to our residents.”

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