Seongbuk-gu Provides 1.5 Billion KRW Loan Support from SME Development Fund... 1.2% Annual Interest Rate

Up to 100 Million Won... Applications Accepted Until the 13th of Next Month

Lee Seung-ro, Mayor of Seongbuk-gu. Provided by Seongbuk-gu.

Seongbuk-gu, Seoul (Mayor Lee Seung-ro) is launching the "2024 Second Half Seongbuk-gu Small and Medium Business Development Fund Loan Support Project" to stabilize the management of small and medium-sized enterprises (SMEs) and small business owners in the district who are struggling to secure business funds due to high inflation and high interest rates. The district announced on the 28th that it will provide an additional 1.5 billion KRW in support for the second half of the year, following 1.5 billion KRW in the first half.

The support targets SMEs and small business owners who have a business location in Seongbuk-gu and have been operating for more than three months after business registration. Loan applications are possible if collateral can be provided according to Woori Bank loan terms or if a guarantee certificate can be issued by the Seoul Credit Guarantee Foundation. However, businesses such as pubs, restaurants with exclusive areas over 300㎡, real estate, finance and insurance, lodging, liquor wholesale, precious metals and game rooms, and luxury or speculative businesses are excluded.

When providing collateral such as real estate, loans of up to 100 million KRW are available, and for credit guarantee loans, up to 50 million KRW can be borrowed. The funds can be used for facility expenses, operating expenses, and technology development expenses. The loan interest rate is 1.2% per annum, with repayment terms of a 1-year grace period followed by 3 years of equal principal and interest installments.

The loan application period for the second half is from August 26 to September 13, and the announcement can be found on the Seongbuk-gu Office website. For collateral loans, applicants should consult in advance at the Woori Bank Seongbuk-gu Office branch, and for credit loans, at the Seoul Credit Guarantee Foundation Seongbuk branch, then visit the 8th floor Regional Economy Division of Seongbuk-gu Office to apply.

Mayor Lee Seung-ro stated, "This small and medium business development fund loan support is sincerely hoped to help small business owners struggling with management crises due to high inflation and high interest rates, as well as SMEs and small business owners facing financial difficulties caused by the T-Mef (Timon·Wemakeprice) incident."