Geumcheon-gu, 5 Billion KRW Small Business Development Fund... 0.8% Interest Rate, Up to 100 Million KRW Support

Interest rate 0.8% per annum, up to 100 million KRW per company, 1-year grace period with 3-year equal installment repayment
Apply by March 21 via email or visit the District Office Regional Economy Division and Enterprise Support Center

Geumcheon-gu, Seoul (Mayor Yu Seong-hoon) announced that it will provide loans worth 5 billion KRW at an interest rate of 0.8% to support small and medium-sized enterprises (SMEs) struggling with high inflation and high interest rates.

Last year, loans totaling 4.905 billion KRW were provided to 35 SMEs.

This year, the loan interest rate was lowered from 1.5% to 0.8% to reduce the interest burden on companies.

Additionally, to allow more companies to benefit from the loans, the support limit per company was adjusted from 150 million KRW to 100 million KRW. The repayment terms are a 1-year grace period followed by 3 years of equal installments (4 times a year).

The support targets are SMEs and small business owners with their main office or business site in Geumcheon-gu, including manufacturing, knowledge industries, information and communication industries, and social economy enterprises. They must have collateral capacity according to the credit regulations of Woori Bank Geumcheon-gu Branch, and companies that have received support within the last 5 years are excluded.

Applicants can download the application form from the Geumcheon-gu Office website under ‘Notices & Announcements,’ fill it out, and submit it by email or visit the 11th floor Regional Economy Division of the district office by March 21.

Starting this year, to enhance convenience for G-Valley companies, applications can also be submitted at the G-Valley Enterprise Support Center.

Basic ranking is determined by high scores according to the scoring criteria table. Evaluation items include ▲ 2023 sales and export performance ▲ excellent SMEs ▲ women-owned, disabled-owned, and youth-owned enterprises ▲ startup companies ▲ Geumcheon-gu specialized industries (fashion industry, knowledge industry, information and communication industry), etc.

The final decision on support is made after review by the SME Development Fund Deliberation Committee and Woori Bank Geumcheon-gu Branch.

Mayor Yu Seong-hoon of Geumcheon-gu said, “We hope that the SME loan support will help alleviate the financial difficulties of companies struggling with high inflation and high interest rates,” and added, “We will continue to promote SME support projects to actively respond to the economic crisis.”

For more details, inquiries can be made to the Geumcheon-gu Office Regional Economy Division.