Gwangjin-gu Increases Small Business Loan Limit from 10 Million Won to 20 Million Won

Business period requirement relaxed from 12 months to 6 months... Loan limits and eligibility expanded... Interest and guarantee fees waived for up to 10 million won for 1 year

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) is expanding the special credit loan support limit from 10 million KRW to 20 million KRW and easing the eligibility criteria from 12 months to 6 months of business operation for small business owners facing increased financial difficulties due to COVID-19.

In response to the prolonged resurgence of COVID-19 and social distancing measures, the district has expanded the loan support limits and eligibility to ensure that the current financial assistance provides practical help to small business owners.

Accordingly, small business owners who have operated their business for at least 6 months can receive loan support up to 20 million KRW, and those who have already received loans can apply for additional support within the limit.

Additionally, to ease the burden on small business owners, the district will support the loan interest and guarantee fees for one year on loan amounts up to 10 million KRW, provided as a one-time initial support.

For more details about the special credit loan, inquiries can be made to the Seoul Credit Guarantee Foundation Gwangjin Branch or the Gwangjin-gu Regional Economy Division.

Mayor Kim Seon-gap stated, “We have expanded loan support to assist small business owners who have been struggling due to the prolonged COVID-19 crisis since early this year. We hope this expanded support will help alleviate their financial difficulties and greatly contribute to stabilizing their business operations.”

Meanwhile, to revitalize the stagnant local economy, the district is conducting the second round of loan support starting in July, following the first Gwangjin-type emergency operating fund loan support for small business owners launched in April.