Incheon City Provides 32.5 Billion KRW Loan Support to SMEs and Small Business Owners Affected by 'T-Mef'

Incheon City announced on the 8th that it will provide a total of 32.5 billion KRW in business stabilization funds to small and medium-sized enterprises (SMEs) and small business owners in the region who suffered damages due to the large-scale unsettled payment incident involving TMON and WEMAKEPRICE (TMEP).

The loan limit is 500 million KRW for SMEs and 100 million KRW for small business owners. SMEs will receive interest subsidies of 2% per year for one year under a lump-sum repayment condition with a one-year maturity. Small business owners will receive interest subsidies of 2% per year for the first year and 1.5% per year for the second and third years, with a one-year grace period, five-year installment repayment, no prepayment penalty, and a variable interest rate of 3.1%.

The city plans to simplify procedures and documents to shorten the support period from seven business days to within four days. Additionally, a dedicated consultation desk and damage reception office for affected companies will be established and operated.

SMEs can apply for business stabilization funds at the Incheon Enterprise Management Support Center starting from the 19th, and small business owners can apply at eight branches of the Incheon Credit Guarantee Foundation starting from the 9th.

Furthermore, various assistance such as financial, sales channel, and management support to overcome the crisis can be received through consultants stationed at each branch of Incheon Credit Guarantee Foundation and professional consultants at the Incheon Community Financial Welfare Support Center.

An official from Incheon City stated, "We plan to minimize damages and promote business stability through prompt support for SMEs and small business owners.”