Seoul City Provides Total 2 Billion KRW Low-Interest Loans to Food Self-Employed Businesses

'Facility Improvement and Development Fund' Target

[Asia Economy Reporter Kiho Sung] The Seoul Metropolitan Government announced on the 7th that it will implement the 'Food Promotion Fund Loan Support' to assist food hygiene businesses such as restaurants and bakeries that are struggling due to recent high inflation and rising loan interest rates.

This year, a total of 2 billion KRW will be provided as loans from the Food Promotion Fund, with interest rates ranging from 1% to 2% per annum depending on the loan type, which is lower than those of commercial banks. The support targets food manufacturing and processing businesses, general restaurants, and others operating in Seoul, and the loan types include facility improvement funds and development funds.

Loan applications can be made at the food hygiene department of the district office where the business is located. After application, the district office and Seoul city conduct reviews, and once confirmed as eligible, the final loan approval is determined based on individual financial credit and collateral status.

Park Yumi, Director of the Seoul Metropolitan Government's Citizen Health Bureau, said, "Many food hygiene businesses are facing difficulties due to recent high inflation and interest rate hikes. We hope this Food Promotion Fund loan support will help businesses operate even a little."