Small Business Owners Using Savings Banks and Mutual Finance Begin Interest Refunds in Q2

Applications Accepted Until the 24th, Refunds Starting from the 28th

Small financial institutions such as savings banks are accepting second-quarter interest refund applications to ease the interest burden on small business owners.

According to the Financial Services Commission on the 16th, savings banks, mutual finance institutions (agricultural, fisheries, credit unions, forestry cooperatives, Saemaeul Geumgo), and specialized credit finance companies (card companies, capital companies) have been implementing interest refunds since March 18. The support targets are individual business owners and small corporations who received business loans with interest rates between 5% and less than 7% from small financial institutions as of December 31 last year. Once it is confirmed that interest has been paid for more than one year, the refund amount for one year (up to 1.5 million KRW per person) will be paid in a lump sum at the end of the current term after applying for the interest refund.

To receive the interest refund from the 28th for the next five days, applications must be submitted by the 24th. About 160,000 borrowers applied for refunds in the first quarter, and approximately 120 billion KRW has been refunded.

Regarding application channels, individual business owners can use both online and offline channels. Detailed information can be found on the websites of individual financial institutions, the Financial Services Commission, the Ministry of SMEs and Startups, the Small and Medium Business Corporation, and the Credit Information Center.