The Incheon city government will provide a total of 177 billion won in business stabilization loans to small business owners starting from May 12, as part of efforts to revitalize the local economy.
This is the second phase of the "Hope Incheon Small Business Owner Business Stabilization Fund Support" program. All small business owners with business locations in Incheon are eligible for the loans. Each business can borrow up to 30 million won, and interest support will be provided for three years after the loan is issued.
The loan repayment method is monthly installment payments over five years, following a one-year grace period. Incheon city will cover 2% of the loan interest in the first year, and 1.5% in the second and third years. In addition, the guarantee fee will be set at an annual rate of 0.8% to minimize the financial burden on small business owners.
However, those who have received guarantee support from the Credit Guarantee Foundation within the past six months, those whose total guaranteed amount is 100 million won or more, those in restricted industries (such as gambling, adult entertainment, leisure, or tobacco-related businesses), or those with reasons for guarantee restriction such as delinquency or arrears, will be excluded from support.
Applications for loan support can be submitted through the "Bojeung Dream" app or by contacting the branch of the Incheon Credit Guarantee Foundation where the business is located.
The city plans to provide business stabilization funds in three phases this year. In the first phase, which was implemented in January, a total of 25 billion won was provided. An Incheon city official said, "We will do our best to promote business stability and support the recovery of the local economy through systematic support for small business owners."
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