Dongjak-gu, Low-Interest Loan Support for SMEs and Small Business Owners

Annual 1.5%... Applications Accepted Until the 30th of This Month
Special 500 Million Won Allocated for Timef-Affected Companies

Dongjak-gu, Seoul (Mayor Park Il-ha) announced on the 19th that it will provide low-interest loans to small and medium-sized enterprises (SMEs) and small business owners in the district who are experiencing management difficulties due to the high inflation and high interest rate economic situation, as well as the Timof incident.

This "SME Development Fund Loan Support" will provide a second round of 1.3 billion KRW at a low interest rate of 1.5% per annum, following the injection of 1.7 billion KRW in the first half of this year. The total scale amounts to 3 billion KRW for both the first and second halves of the year.

In particular, the district plans to make every effort to stabilize management by providing special support of up to 500 million KRW from the loan funds to local companies affected by the recent delayed settlements of Tmon and Wemakeprice.

On the condition that the funds are used for facility improvement and management stabilization expenses (fixed costs such as rent and labor costs), manufacturing and construction industries can receive up to 200 million KRW, while wholesale, retail, and other industries can receive up to 50 million KRW, with a selectable repayment period within 5 years.

Any SME or small business owner with a business location in Dongjak-gu who has been operating for more than six months and has collateral capability under bank credit regulations, such as real estate or credit guarantees, can apply.

However, companies currently repaying the Dongjak-gu SME Development Fund, temporarily closed or closed businesses, those with overdue national or local taxes, and certain industries such as finance and insurance, entertainment bars, and other gambling facilities are excluded from support.

The district will accept applications until the 30th of this month. Companies wishing to apply should receive prior consultation at the Kookmin Bank Dongjak-gu Office Branch or the Seoul Credit Guarantee Foundation Dongjak Branch, then bring the required documents, including ▲loan application form and ▲business plan, to the Economic Policy Division.