Gwanak-gu Provides Additional Low-Interest Loans for SMEs and Small Business Owners

Up to 100 million KRW for SMEs, 50 million KRW for small business owners... 1.5% annual interest, 2-year grace period, 3-year equal installment repayment
Applicants must have registered a business in Gwanak-gu for over 6 months and possess real estate or credit collateral ability

Gwanak-gu (Mayor Park Jun-hee) will support the "2024 Second Half Small and Medium Enterprise Development Fund Loans" starting from August 21 to help small and medium-sized enterprises (SMEs) and small business owners who are struggling with rising interest rates and economic recession manage their funds stably.

In the first half of this year, the district provided loans totaling over 2.5 billion KRW to 63 SMEs and small business establishments. Encouraged by the strong response from the local commercial district, the district decided to maintain the same low interest rate of 1.5% in the second half and support loans amounting to 1.49 billion KRW.

The support targets are SMEs and small business owners who have been registered in Gwanak-gu for more than six months as of the loan application date and have the ability to provide real estate or credit collateral. However, those currently repaying loans from the Gwanak-gu SME Development Fund or other funds, as well as businesses in finance, real estate, lodging, entertainment, and gambling industries, are excluded from eligibility.

Applications can be made for working capital and facility funds. SMEs can receive loans up to 100 million KRW, and small business owners up to 50 million KRW, with a repayment plan of a 2-year grace period followed by 3 years of equal installments.

Companies and small business owners wishing to apply for loans can submit ▲loan application form ▲business plan ▲copy of business registration certificate, etc., after receiving loan consultation and collateral evaluation at Woori Bank Gwanak-gu Office Branch without visiting the district office. However, applicants for credit collateral loans may undergo an additional collateral evaluation process through the Seoul Credit Guarantee Foundation Gwanak branch.

For more detailed information regarding the "2024 Second Half Gwanak-gu SME Development Fund Loan Support," please check the district office website (News & Notices ▷ Announcements) or contact the Local Commercial District Revitalization Division.

Meanwhile, since its establishment in 1993, the Gwanak-gu SME Development Fund has continuously contributed to the growth and development of SMEs and small business owners by providing loans totaling 50.8 billion KRW to 724 companies.

Mayor Park Jun-hee said, "I hope this loan support will help alleviate the financial difficulties of SMEs and small business owners struggling with the prolonged economic downturn and contribute to business stability. We will continue to implement various management support policies that can revitalize the local economy."

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