Application Period Extended for 'COVID-19 Relief Installment Repayment Support for Small Businesses'

Extended Until June 30, 2026
Repayment Period Extended Up to 7 Years
Continued 1 Percentage Point Interest Rate Reduction

On December 14, the Ministry of SMEs and Startups announced that it would extend the application period for the 'COVID-19 Relief Installment Repayment Support for Small Businesses' program, which aims to alleviate the repayment burden and support business stability for small business owners, until June 30, 2026.

This initiative is part of the 'Faithful Repayment Incentive Plan' announced on July 30 of this year. It offers an extension of the repayment period for up to seven years and a 1 percentage point reduction in loan interest rates to small business owners who have faithfully repaid direct loans from the Small Enterprise and Market Service but are experiencing business difficulties due to the impact of COVID-19.

The Ministry of SMEs and Startups had originally planned to accept applications until December 19, but decided to extend the program until June 30 of next year, considering that many small business owners continue to face business challenges even after COVID-19.

Applications can be submitted online through the Small Business Policy Fund website. For those who have difficulty using online services, applications can also be made by visiting one of the 78 Small Business Support Centers nationwide.

Park Sangyong, Director of Small Business Management Stability Support at the Ministry of SMEs and Startups, stated, "We hope this program will help reduce the financial burden on small business owners and contribute to their business stability," adding, "We encourage all eligible small business owners to apply and not miss out on these benefits."

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