Yeogyeonghyeop, 3-Month Extension of Interest Exemption on 'Female Head of Household Startup Fund' Loans

[Asia Economy Reporter Kim Heeyoon] The Korea Women Entrepreneurs Association (hereinafter referred to as KWEA) announced on the 23rd that it will additionally waive loan interest for the 'Women Household Heads Startup Fund Support Project' for three months starting next month.

Previously, KWEA had waived loan interest for six months starting from April. This additional waiver was decided due to the continued impact of the novel coronavirus infection (COVID-19), which has increased the financial burden on women household heads. The burden on women entrepreneurs has further increased due to COVID-19 and the Chuseok holiday.

The Women Household Heads Startup Fund Support Project provides up to 100 million KRW in store rental deposits at an annual interest rate of 2% to low-income women who have become household heads and wish to start a business. Approximately 60 people receive support each year.

Jung Yoonsook, president of KWEA, said, "As we operate this support project to promote the economic independence of women household heads and activate women entrepreneurship, we hope that this interest waiver support will help overcome COVID-19 even a little."