[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 24th that it will begin accepting applications for the ‘2022 Small Business Management Improvement Fund’ worth 100 billion KRW starting from the 2nd of next month.
The city plans to distribute the funds in six phases from next month until November to ensure that the benefits are evenly allocated to local self-employed business owners. The budget for the first application phase next month is approximately 15 billion KRW.
The support target is small business owners registered in Daejeon, with a loan limit of up to 50 million KRW per business. The loan conditions include a 2-year grace period with lump-sum repayment, and the city will subsidize 3% of the total loan interest for two years.
Applications for the first phase of support can be submitted from 10 a.m. on the 2nd of next month through the Daejeon Credit Guarantee Foundation website and will be closed on a first-come, first-served basis.
Applicants must submit their application documents to one of the 12 commercial banks, including Hana Bank and NongHyup Bank, after receiving a registration number via text message.
For more detailed information, please refer to the Daejeon Credit Guarantee Foundation website or contact bank branches and the Daejeon Credit Guarantee Foundation for guidance.
Earlier, starting from March 7th, the city implemented a 200 billion KRW special guarantee program with zero interest and zero guarantee fees to help about 10,000 small business owners overcome difficulties caused by rising interest rates.
Im Muk, Director of the Job and Economy Bureau of the city, said, “We hope this management improvement fund will be a great help to small business owners who are trying to restart their businesses as we enter the post-COVID-19 era,” and added, “The city will continue to develop and promote various policies to support the recovery of the local economy and daily life.”
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