Junggu District in Seoul Offers 1.5 Billion Won in Loans to Small Businesses and Small Business Owners to Counter Domestic Economic Downturn
Junggu District in Seoul (District Mayor Kim Gilseong) announced on July 16 that it will provide a total of 1.5 billion won in loans from the Small and Medium Business Promotion Fund in the third quarter to support local small businesses and small business owners experiencing financial difficulties due to the domestic economic downturn.
The support is available to small businesses and small business owners with business locations in Junggu, provided that at least six months have passed since their business registration as of the application date. The maximum loan amount is up to half of the previous year's sales, with a cap of 100 million won for manufacturers and 50 million won for other industries.
The loan interest rate is fixed at 1.5% per annum. Borrowers can choose between a one-year grace period followed by four years of equal installment repayment, or five years of equal installment repayment. The loan funds can only be used for business operations, such as working capital, facility investment, or technology expenses.
Applications can be submitted in person at the Urban Industry Division on the 4th floor of the main Junggu District Office building by July 22, along with the application form, business plan, a copy of the business registration certificate, and other required documents. Application forms and related materials can also be downloaded from the Junggu District Office website.
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To ensure prompt support, the district plans to convene an Operations Review Committee at the end of this month to determine the recipients and loan amounts. After loan screening by banks and guarantee institutions, the loans are scheduled to be disbursed in September. Of the 8 billion won in loan support allocated for this year, Junggu has already disbursed 5 billion won in the first half of the year.
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