Incheon City to Provide 25.5 Billion Won in Management Funds for Small Businesses... Priority Support for Businesses Affected by Homeplus Closures

Incheon City will launch the third phase of the "2025 Hope Incheon Small Business Management Stabilization Fund Support" program starting on September 24.

The program is open to all small business owners with business locations in Incheon, with loans of up to 30 million won available per business. For three years after receiving the loan, interest support will be provided. The repayment plan consists of a one-year grace period followed by monthly installments over five years.

Incheon City will subsidize interest at a rate of 2.0% for the first year and 1.5% for the second and third years. The guarantee fee will be maintained at an annual rate of approximately 0.8% to minimize the financial burden on small business owners.

Businesses that have received credit guarantee foundation support within the past six months, have a total guarantee amount of 100 million won or more, operate in restricted industries (such as gambling, adult entertainment, leisure, or tobacco-related businesses), or fall under other grounds for guarantee restriction, such as overdue payments or tax arrears, will be excluded from eligibility. However, certain exceptions will be made for businesses affected by the closure of Homeplus stores.

Incheon City Hall

This year, the Hope Incheon Small Business Support Program is being implemented in multiple phases. In the first phase in January, a total of 25 billion won was provided, and in the second phase in May, 177 billion won was distributed. The third and final phase for this year will allocate 25.5 billion won, with priority support and relaxed screening criteria for small business owners who have suffered losses due to Homeplus store closures.

Small business owners can apply through the online "Bojeung Dream" app or contact their local branch of the Incheon Credit Guarantee Foundation (1577-3790) for assistance.

An official from Incheon City stated, "We hope that this third phase will provide real support to small business owners who were not able to receive assistance in the first and second phases, as well as those who have suffered unexpected losses, such as from Homeplus store closures."

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