Seoul Gangseo-gu, 6 Billion KRW Support for Small and Medium Enterprise Development Fund

Targeting small and medium-sized enterprises and small business owners registered in the district... Up to 300 million KRW per company with an annual low interest rate of 1.5%, 1-year grace period followed by 4 years of equal installment repayment

Kim Tae-woo, Mayor of Gangseo-gu, “We will continue to discover various support policies for small and medium-sized enterprises”

Gangseo-gu, Seoul (Mayor Kim Tae-woo) has launched support measures for small and medium-sized enterprises and small business owners struggling with high interest rates and economic recession.

The district announced that it will operate a total of 6 billion KRW in small and medium enterprise development fund loan support projects this year targeting small and medium-sized enterprises and small business owners.

This is to alleviate the financial difficulties of small and medium-sized enterprises and small business owners suffering from high interest rates and to revitalize the stagnant local economy.

This loan support program operates year-round without a separate application period. The district plans to provide funds quickly through on-demand screening to enhance convenience for businesses.

The basic loan interest rate is 1.5% per annum, with a 1-year grace period and 4 years of equal installment repayments.

The support targets are small and medium-sized enterprises registered with factories in the district, venture companies and Inno-Biz headquartered in Gangseo-gu, and small business owners with business registration in the district. Applicants must have been registered for at least one year as of the application date and must have sales performance and collateral capability.

Each company can receive up to 300 million KRW (50 million KRW for small business owners), and the support conditions assume the funds will be used for facility funds, operating funds, or technology development funds. However, loan amounts may be adjusted or applicants excluded depending on the selection results, and if the funds are used differently from the initially submitted purpose after the loan, recovery measures will be taken.

Companies and small business owners wishing to apply can visit the Gangseo-gu Office Regional Economy Division and submit the application form along with a business plan and related documents.

Detailed information can be found on the Gangseo-gu Office website under ‘News Plaza - Notices/News’, where necessary application forms can also be downloaded.

Mayor Kim Tae-woo said, “I hope this loan support will help stabilize the management of small and medium-sized enterprises struggling with high interest rates and economic recession,” adding, “We will continue to discover and promote various support policies that can provide practical help to small and medium-sized enterprises.”

The district is also running a special loan support project worth 2.88 billion KRW in cooperation with local banks. Participating companies can receive interest support for one year within a loan amount limit of 20 million KRW.