Mokpo City Implements Interest Subsidy Support Project for Small Business Loan Funds

Up to 30 Million Won Loan Support and 3% Interest Subsidy on Loans

Mokpo City is implementing the ‘Small Business Loan Interest Subsidy Support Project’ to support the management stability of small business owners and strengthen their self-sustainability.

According to the city on the 15th, the ‘Small Business Loan Interest Subsidy Support Project’ is a project promoted with a total investment of 100 million KRW to provide practical help at business sites to small business owners struggling with loan interest.

Exterior view of Mokpo City Hall

This project supports a maximum loan of 30 million KRW with a 2-year grace period and lump-sum repayment condition, and subsidizes 3% of the loan interest, providing up to 1.8 million KRW over 2 years.

Applicants must be small business owners operating businesses in Mokpo City, but certain industries such as bars and gambling-related businesses are excluded from support. Also, businesses that have previously received support can reapply only after one year from the loan repayment completion date.

Small business owners wishing to apply should consult by phone regarding the issuance of a guarantee certificate at the Jeonnam Credit Guarantee Foundation Mokpo Branch, and then apply in person. The support period lasts until the budget is exhausted.

A city official said, “In difficult economic conditions, as the burden of loans and interest increases for local small business owners, we hope this project will help reduce their burden even a little.”

For more details, refer to the announcement on the city’s website or contact the Mokpo City Hall Regional Economy Division or the Jeonnam Credit Guarantee Foundation Mokpo Branch.