Gangnam-gu Provides 18 Billion KRW Loan Support for SMEs and Small Business Owners in Second Half... 2% Interest Rate

On-site Registration at District Office from the 12th to 18th of This Month

Gangnam-gu, Seoul (District Mayor Jo Seong-myeong) announced on the 2nd that it will implement a loan support project worth 18 billion KRW in the second half of the year to assist small and medium-sized enterprises (SMEs) and small business owners struggling due to the economic downturn and interest rate hikes.

The support targets businesses located in Gangnam-gu that have been registered for more than one year. The loan can be used for operating, facility, and technology development funds, with a loan limit of 200 million KRW for corporate businesses and 50 million KRW for individual businesses. The interest rate is fixed at 2% per annum, with a one-year grace period followed by equal installments over four years.

However, businesses currently repaying the Gangnam-gu SME development fund, those with overdue national or local taxes, businesses that are temporarily closed or closed down, and businesses in restricted industries such as entertainment bars, restaurants with a dedicated area of 330㎡ or more, and lodging businesses are excluded from eligibility.

The application period is from the 12th to the 18th of this month. Interested companies must prepare a loan application form, business plan, and other documents and apply in person at the loan reception desk located on the basement first floor of the district office main building.

Corporate businesses must visit one of the eight Shinhan Bank branches (Yeongdong Corporate Finance Center, Gangnam Central Corporate Finance Center 1, Daechi Branch, Dogok Branch, Sinsa-dong Corporate Finance Center, Trade Center Finance Center, Teheran-ro Finance Center, Yeoksam-dong Corporate Finance Center) for prior collateral consultation before applying.

Individual businesses can pre-check their eligibility and other conditions through the ‘Self-Diagnosis Checklist’ available on the district office website. For more details, please check the district office website or contact the Regional Economy Division.

Mayor Jo Seong-myeong stated, “We implemented loan support worth 12 billion KRW in the first half of the year and are starting the second half support now. We will continue to provide various support measures to ensure the business stability of SMEs and small business owners in the district.”