Application for the '5th Living Stability Fund Loan Support' from the 12th to the 23rd... 2%~0% interest rate applied to Living Stability Fund Loans until December 2021 (interest-free)... Loan support up to 50 million KRW per household, 2-year grace period, 3-year equal installment repayment
[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Dongjin Lee) is providing interest-free loans to low-income residents who are experiencing difficulties in operating small businesses and making a living due to COVID-19.
Earlier, to revitalize the local economy and household finances affected by the COVID-19 crisis, the district provided a total of 460 million KRW in interest-free living stabilization funds over four rounds since March.
The district will temporarily offer interest-free loans until December 31, 2021, to support the livelihood stabilization of low-income residents struggling due to the prolonged COVID-19 pandemic.
The application period for the "5th Living Stabilization Fund" interest-free loan support is until October 23. Applications can be submitted at the Woori Bank Dobong-gu Office branch.
Application forms can be downloaded from the Dobong-gu Office website under Notices/Budget → Notice Board → Announcements (2020 5th Living Stabilization Fund Loan Guide).
Business owners must submit a business registration certificate and income certificate, while employees must submit a certificate of employment and withholding tax receipt.
Eligible applicants are Dobong-gu residents whose household property tax is 200,000 KRW or less annually and whose monthly average income per household is below that of urban workers (6,087,747 KRW for a four-person household). Applicants must have regular income and a credit rating between 1 and 5. After applying at the Woori Bank Dobong-gu Office branch, applicants undergo a loan repayment ability assessment (credit rating, regular income, existing loans, etc.) and must be reviewed by the Living Stabilization Fund Loan Selection Committee.
After review, loans of up to 50 million KRW per household will be provided starting November 20.
The loan terms are a 2-year grace period followed by 3 years of equal installment repayments. Loan funds can be used for ▲ small-scale manufacturing and service businesses or equivalent commercial activities ▲ rental deposits for the homeless ▲ tuition for students in high school or above (direct descendants) ▲ living expenses for disaster victims.
For more details, contact the New Economy and Jobs Division of Dobong-gu.
Mayor Dongjin Lee of Dobong-gu stated, "We hope this interest-free loan support will help small business owners and low-income residents struggling due to COVID-19 to revitalize their businesses and household finances."
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