Applications accepted from February 4 until funds are exhausted at the Dongdaemun-gu Small Business Support Center
Loan decision process improved, reducing the loan period to within one month
Dongdaemun-gu (Mayor Lee Pil-hyung) announced that it will implement a 4 billion KRW market bank cooperative fund loan support project four months earlier than usual to alleviate the financial difficulties of small and medium-sized enterprises (SMEs) and small business owners struggling with prolonged high inflation and high interest rates.
This support project targets SMEs and small business owners with workplaces in Dongdaemun-gu, providing up to 100 million KRW per company. It basically subsidizes 1% interest, and if the collateral condition is a credit guarantee certificate, Seoul City additionally supports 1.8% interest to reduce the financial burden. Applications will be accepted at the Dongdaemun-gu Small Business Support Center from February 4 until funds are exhausted.
In particular, this year, the loan decision process has been significantly improved, shortening the loan execution period, which previously took at least two months, to within one month. Through this, small business owners facing financial difficulties can receive funds more quickly.
SMEs and small business owners wishing to apply for loans can download the application form from the ‘Notices and Announcements’ section on the Dongdaemun-gu website, fill it out, and submit it in person along with the required documents at the Dongdaemun-gu Small Business Support Center.
Lee Pil-hyung, Mayor of Dongdaemun-gu, said, “This loan support project has been implemented earlier than usual to provide practical help to small business owners struggling due to domestic and international economic downturns,” and added, “We will contribute to the recovery of the local economy by improving the loan procedures to enable quick access to funds.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
