Dongdaemun-gu Provides 4 Billion Won Loan Support for Small Business Owners Near Kyung Hee University

0.73~1.83% Interest Rate... Public-Private-Academic Regional Council Cooperation Project... On-site Registration on the 25th from 9:30 AM to 4:30 PM

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) will provide a loan support of 4 billion KRW from the Seoul Credit Guarantee Foundation’s special COVID-19 fund to small business owners near Kyung Hee University who are struggling with cash flow, in order to revitalize the university commercial district that has been depressed due to the prolonged COVID-19 pandemic.

This support is part of the Dongdaemun-gu public-private-academic regional council project, carried out in cooperation with related organizations including Dongdaemun-gu Office, Kyung Hee Village People, Kyung Hee University Campus Town Development Project Team, Hana Bank Hwikyung-dong Branch, and Seoul Credit Guarantee Foundation.

The loan is funded by the Seoul Metropolitan Government’s Small and Medium Business Development Fund COVID-19 special fund, with guarantee support provided by the Seoul Credit Guarantee Foundation. Applications and reception are handled on-site by Hana Bank.

The products are divided into two parts: ▲ Seoul-type COVID-19 Crisis Response Special Guarantee ▲ Hana Bank Mobile One-Stop Agreement Guarantee.

Loans are up to 100 million KRW per business including previously guaranteed amounts, with interest rates ranging from 0.73% to 1.83%. When using a credit guarantee certificate as collateral, an additional credit guarantee fee of 0.5% to 0.9% is required.

Small business owners wishing to apply for the loan can visit the Kyung Hee University shared store ‘Nokwon’ (14 Kyungheedaero, Dongdaemun-gu) from 9:30 AM to 4:30 PM on September 25 to submit their applications.

For more details, inquiries can be made to the Dongdaemun branch of the Seoul Credit Guarantee Foundation.

In addition, Dongdaemun-gu has prepared 11.2 billion KRW in small and medium business development funds this year to provide loan support to small and medium enterprises and micro-business owners.

So far, a total of 810 businesses have received 10.648 billion KRW in support. For small business owners in the area who have difficulty obtaining credit loans, a loan support project is also underway that provides interest support for one year up to 10 million KRW per business until funds are exhausted.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, “We hope this loan support will help small business owners near Kyung Hee University who are facing difficulties in cash flow and whose commercial districts have been depressed due to the shift to non-face-to-face university classes caused by COVID-19.”

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