"Boost Your Local Economy and Prepare Emergency Operating Funds by Joining the Mutual Aid Fund"
The Korea Federation of SMEs announced on July 23 that it will launch an online subscription promotion for the SME Mutual Aid Fund as part of its campaign to revitalize the people's economy.
This promotion has been organized to boost domestic consumption. All individuals who subscribe to the Mutual Aid Fund online will receive a 50,000 won Small Business Love Gift Certificate. The Small Business Love Gift Certificate is a mobile consumer coupon issued by the Korea Federation of SMEs to increase sales for small business owners, and it can be used at Zero Pay-affiliated small business merchants nationwide.
The Mutual Aid Fund is open to SMEs and small business owners, who can make installment savings deposits of up to 3 million won per month at a maturity interest rate of 3.0%. Based on the balance of paid-in contributions, credit loans are available at an average interest rate of 5.7% for up to three times the deposit amount. If the credit limit is insufficient, real estate-secured loans are available for up to ten times the deposit balance at an interest rate of 4.25%. In addition, in the event of damages caused by disasters such as heavy rain, typhoons, or wildfires, disaster loans can be used at an interest rate reduced by 2 percentage points.
Recently, as delinquency rates on corporate loans have increased, commercial banks have been reluctant to lend to SMEs and small business owners. In this context, the Mutual Aid Fund is actively supporting credit loans for SMEs and small business owners who lack sufficient collateral, thereby helping to alleviate their funding difficulties.
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Lee Changho, head of the Mutual Aid Business Division at the Korea Federation of SMEs, said, "Through this Mutual Aid Fund promotion, we hope that SMEs and small business owners struggling with the economic downturn will be able to prepare in advance for lump-sum savings, as well as urgent operational funding needs such as vacation funds, disaster recovery funds, and holiday funds."
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