Ulsan City Provides 500 Million KRW Loan Support to Food Manufacturing and Processing Businesses

Annual Interest Rate 0.5%, 2-Year Grace Period, 3-Year Equal Installment Repayment

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Ulsan City is implementing the "2022 Ulsan City Food Promotion Fund Loan Project" to improve facilities of food hygiene businesses and support businesses struggling due to the prolonged COVID-19 pandemic.

Last year, 500 million KRW was loaned to seven food manufacturing and processing businesses, and this year, a total of 500 million KRW will also be supported.

The loan is offered at an annual interest rate of 0.5%, with a 2-year grace period and 3 years of equal installment repayments, limited to funds for installing necessary machinery for business, improving cooking facilities, restrooms, and other hygiene facilities in business premises.

The loan limit is up to 200 million KRW for businesses applying the Hazard Analysis and Critical Control Points (HACCP) standards, 100 million KRW for food manufacturing and processing businesses including instant sales manufacturing, and 50 million KRW for food service businesses.

Eligible businesses are those registered or reported as food manufacturing and processing businesses or food service businesses in the city; however, businesses that have received administrative sanctions such as business suspension within the past year, those currently undergoing administrative sanctions, or those with outstanding loan balances from previous loans are excluded.

Business operators wishing to apply for the loan can apply through the hygiene department of the respective district or county office. For more details on application methods, please refer to the Ulsan City website's Food Promotion Fund Loan Project implementation announcement or contact the city's Food and Drug Safety Division or the hygiene department of the respective district or county office for guidance.