Eunpyeong-gu, 2020 Social Economy Activation Fund Loan

Up to 70 Million KRW Loans per Company for Social Economy Enterprises or Organizations Operating Over 6 Months in Eunpyeong-gu, Accepting Applications and Reviews from March 2020 Onwards

[Asia Economy Reporter Park Jong-il] Eunpyeong-gu (Mayor Kim Mi-kyung) is promoting the "Social Economy Revitalization Fund Loan Project" worth a total of 900 million KRW to help revitalize the economy for social economy enterprises or organizations struggling due to the economic downturn caused by the spread of COVID-19 infections.

The loan project targets social economy enterprises or organizations located in Eunpyeong-gu, providing up to 70 million KRW per enterprise (within 35% of the previous year's sales).

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 5 years of equal principal repayments. For the loan, collateral registration such as a real right or a credit guarantee certificate is required.

Social economy enterprises or organizations in need of funds must receive prior consultation at the Woori Bank Eunpyeong-gu Office branch and then visit Eunpyeong-gu Office Social Economy Division (☎351-6875) from March 17 to submit the loan application, business plan, and national (local) tax payment certificates.

Support eligibility will be determined through subsequent screening.

An official from Eunpyeong-gu Office stated, "The 2020 Social Economy Revitalization Fund Loan Project has relaxed the exclusion criteria compared to last year, supporting operating funds for social economy enterprises or organizations within the region, thereby strengthening self-sustainability and promoting social economy revitalization, which is expected to contribute to the development of Eunpyeong-gu's local economy."