Loan Limit of 100 Million Won,
Five-Year Loan Term
The Ministry of SMEs and Startups announced on October 2 that it will provide emergency business stabilization funds to support small business owners in Gangneung affected by the drought.
The ministry explained that, reflecting the urgent needs of the field, it has quickly secured additional emergency business stabilization funds ahead of the holiday season to help small business owners in the Gangneung area recover from the drought and restore their operations.
The emergency business stabilization fund is provided to small business owners who require urgent funding due to natural or social disasters, enabling them to continue their business activities in a stable manner. The loan limit is 100 million won, with a loan period of five years (two years of deferment and three years of installment repayment), and a fixed interest rate of 2.0%.
Applications can be submitted starting October 2. Applicants must obtain a disaster-affected SME (small business owner) certificate from the local government office (city, county, district, town, township, or neighborhood office) and submit it to a guarantee institution and a bank. After counseling and evaluation, they can receive the necessary support.
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