[Asia Economy Reporter Jong-il Park] Gwangjin-gu (Mayor Kim Seon-gap) has stepped up to provide a total of 3 billion KRW in small and medium-sized enterprise (SME) development fund loans to alleviate financial difficulties and stabilize management for SMEs and small business owners suffering economic hardships due to the prolonged COVID-19 pandemic.
The loan amount ranges from over 20 million KRW up to 100 million KRW per company, supported at a fixed annual interest rate of 1.5%, continuing from last year, with a repayment condition of a 1-year grace period followed by 3 years of equal installment repayments.
The support targets SMEs, small business owners, and self-employed individuals located in Gwangjin-gu, while companies currently repaying loans from the SME development fund are excluded.
Companies wishing to apply for the loan can refer to the announcements section on the Gwangjin-gu Office website and submit the loan application and required documents in person or by mail to the Regional Economy Division of the district office by October 26.
Earlier this year, the district provided a total of 49 billion KRW in interest-free and guarantee-free (for 1 year) special guarantee loans, and an additional 8.4 billion KRW will be raised and operated in October.
The special guarantee recommendation was established to benefit many small business owners through small loans within a limit of 20 million KRW.
Kim Seon-gap, Mayor of Gwangjin-gu, stated, “As COVID-19 continues, we focused on small loans for micro-businesses during the first half of the year, but now we plan to operate differentiated strategies tailored to the situation by also promoting high-value loans for SMEs. We will continue to actively support the management stabilization of SMEs and small business owners.”
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