Direct Loan Applications and Submissions for Small Business Policy Funds Start Tomorrow

Direct Loan of 10 Million Won for Rent Also Available... Early Closure When Budget is Exhausted

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 1st that from the 2nd to the 12th, it will begin accepting applications for the Small Business Policy Fund (direct loans) to support small business owners struggling due to COVID-19.

To ensure social distancing and to disperse visits to regional centers, applications will be accepted over two weeks with staggered schedules depending on the type of fund.

First, the highly demanded Small Manufacturer Specialized Fund, Growth Promotion Fund (facilities), and Social Economy Enterprise Exclusive Fund will accept applications from the 2nd to the 5th (Friday), while the Innovative Small Business Fund, Smart Equipment Introduction Fund, and Small Business Exclusive Fund for Urban Redevelopment Project Areas will accept applications from the 8th to the 12th.

This loan application process will be conducted online through the policy fund site on the Small Enterprise and Market Service website to provide prompt support and improve convenience for applicants.

Simultaneously, a direct rental fee loan of 10 million KRW will be provided to small business owners renting premises in industries subject to gathering restrictions due to strengthened social distancing. Individual business owners can apply through the Shinhan Bank mobile app, while corporate business owners can apply via the Small Enterprise and Market Service policy fund website.

Additionally, proxy loan funds through commercial banks, such as the General Business Stabilization Fund and Youth Employment Special Fund, will be accepted from the 22nd to the 26th. Small business owners wishing to apply for proxy loans can obtain a 'Policy Fund Support Eligibility Certificate' on the policy fund site within the Small Enterprise and Market Service website and then visit the regional credit guarantee foundation or commercial banks.

However, if the budget planned for March is exhausted, applications may close early. More detailed information about applying for small business policy funds can be found on the Small Enterprise and Market Service website, and consultations and guidance are available through the Small and Medium Business Integrated Call Center (dial 1357 without area code).