Dongdaemun-gu, 5.5 Billion Won Loan from Commercial Banks Cooperation Fund

Simplified Procedures, Shortened Review Period...
Average of 20 Days from Application to Disbursement

Dongdaemun-gu (Mayor Lee Pil-hyung) announced that the ‘Commercial Bank Cooperation Fund Loan Support Project,’ which began on February 4 to stabilize the management of small and medium-sized enterprises and small business owners, was fully subscribed within 24 days of implementation.

Considering the increased demand due to difficult economic conditions, the district decided to increase the loan scale from the original 4 billion KRW to 5.5 billion KRW after deliberation by the Fund Management Committee.

Additionally, the project was launched two months earlier than last year, supporting small business owners to quickly secure necessary funds by simplifying loan procedures and shortening the review period.

Lee Hye-jung, Director of the Economic Promotion Division, stated, “The average time from application submission to fund disbursement is 20 days, which is about 70% shorter compared to last year.”

Lee Pil-hyung, Mayor of Dongdaemun-gu, said, “The swift execution of this loan support project demonstrates the high demand from local small business owners and the results of administrative procedure improvements. We will continue to promote institutional improvements so that small business owners can receive funds more smoothly in the future.”