Dobong-gu Supports Small Business Owners with 13.1 Billion KRW Low-Interest Special Credit Guarantee Loans

Dobong-gu to Provide Low-Interest Special Credit Guarantee Loans for SMEs and Small Business Owners Starting August 1

Total Scale of 13.1 Billion KRW, Up to 200 Million KRW Low-Interest Loans per Business

1% Interest Support for the First Year of Loan Execution to Ease Interest Burden on Small Business Owners

Applications Accepted at Seoul Credit Guarantee Foundation Dobong Branch and Kookmin Bank Branches in Dobong-gu Until Funds Are Exhausted

Preliminary On-Site Consultation Office to Operate July 27-28 at Changdong Aureune Heungeol Room

Dobong-gu (Mayor Oh Eon-seok) will provide low-interest special loan support worth 13.1 billion KRW to small and medium-sized enterprises (SMEs) and small business owners in the area who are struggling with financial difficulties.

To facilitate this loan support, Dobong-gu signed a 'Dobong-gu Low-Interest Special Credit Guarantee Business Agreement' with Kookmin Bank and the Seoul Credit Guarantee Foundation on the 21st. According to the agreement, Dobong-gu will contribute 50 million KRW, Kookmin Bank will contribute 1 billion KRW to the Seoul Credit Guarantee Foundation, which will then provide credit guarantees amounting to 13.1 billion KRW, equivalent to 12.5 times the contributed funds.

The support targets SMEs and small business owners within Dobong-gu, with a maximum guarantee limit of up to 200 million KRW per business.

Applications can be submitted starting August 1 at the Seoul Credit Guarantee Foundation Dobong Branch or Kookmin Bank branches within Dobong-gu (Sindobong Branch, Changdong Comprehensive Finance Center, Ssangmun-dong Branch, Ssangmun Station Branch) and will be accepted until funds are exhausted.

Additionally, to reduce the interest burden on small business owners, the district will support 1% interest for one year from the loan execution date. As a result, small business owners will be subject to interest rates in the high 2% range. (3-month variable interest rate, minimum 2.65% as of July 21, 2023)

Dobong-gu, together with Kookmin Bank and the Seoul Credit Guarantee Foundation Dobong Branch, will operate a preliminary on-site consultation office for two days on July 27 and 28 from 10 a.m. to 4 p.m. at the basement level 1 music Heungeol Room of Changdong Aureune.

At the consultation office, guidance on required loan documents and loan consultations will be provided. Additionally, for middle-aged and older small business owners visiting the consultation office, customized life planning consultations (work, activities, finance, relationships) will be conducted by professional consultants from the Seoul 50 Plus Foundation Northern Campus.

Mayor Oh Eon-seok of Dobong-gu stated, “We hope this credit guarantee support will help stabilize the management of SMEs and small business owners who are struggling with financial difficulties. We will continue to prepare and implement various support measures for regional economic revitalization and small business owners.”