Eunpyeong-gu, '1% Interest Rate' Social Economy Revitalization Fund Loan Support Project

Up to 100 million KRW per company, totaling 600 million KRW

Eunpyeong-gu, Seoul (Mayor Kim Mi-kyung) announced on the 28th that it will carry out the ‘2024 Social Economy Activation Fund Loan Project’ with a total scale of 600 million KRW to help revitalize the economy of social economy enterprises struggling due to the economic downturn.

The ‘2024 Social Economy Activation Fund Loan Project’ supports social economy enterprises located in Eunpyeong-gu, such as social enterprises, cooperatives, village enterprises, and self-support enterprises that have been operating for more than six months, providing up to 100 million KRW per enterprise.

The repayment conditions are an annual interest rate of 1%, with either a 1-year grace period followed by 4 years of equal principal repayments or a 2-year grace period followed by 3 years of equal principal repayments. For the loan, collateral registration of real rights or a credit guarantee certificate is required.

Social economy enterprises in need of funds can receive preliminary consultations for credit guarantees at the Seoul Credit Guarantee Foundation Eunpyeong Branch and for real estate at Shinhan Bank Eunpyeong-gu Office Branch. Afterwards, loan applications, business plans, and certificates of full payment of national (local) taxes should be submitted in person to the Social Economy Division of Eunpyeong-gu Office. Support decisions will be made through subsequent evaluations.

Mayor Kim Mi-kyung said, “By providing operating funds to local social economy enterprises at low interest rates, we hope to strengthen the self-sustainability of enterprises and offer practical help in stabilizing business management.”

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