Semas Offers Policy Fund Loan Extensions and Repayment Deferments for Homeplus-Affected Small Business Owners

Targeted at Small Business Owners with Outstanding Principal or Policy Fund Loans Maturing This Year

The Small Enterprise and Market Service announced that, starting October 6, it will begin accepting applications for policy fund loan maturity extensions and repayment deferments in order to ease the loan repayment burdens on small business owners affected by Homeplus.

Until now, the Small Enterprise and Market Service has provided "Temporary Business Hardship Funds" to support the management stability of small business owners impacted by Homeplus, offering up to 100 million won at an interest rate 0.5 percentage points lower than the standard policy fund rate. In addition to these financial support measures, the latest policy is designed to further reduce the burden of repaying existing loans, thereby allowing affected small business owners to maintain operations and focus on their business recovery.

Small Enterprise and Market Service

Eligibility is limited to small business owners who have suffered losses from business dealings with Homeplus, including both in-store businesses and partner businesses, and currently have an outstanding principal or who have policy fund loans maturing within this year. Eligible small business owners can apply for a 12-month loan maturity extension, during which only interest payments will be required.

For those utilizing direct loans, applications must be submitted online via the website, after which a new agreement can be signed to extend the loan maturity or defer repayments. For those with agent loans, a "Maturity Extension and Repayment Deferment Confirmation" can be issued on the website; in the case of guaranteed loans, the guarantee period must be extended through the guarantor institution, and applications must be submitted in person at the lending financial institution.

Intae-Yeon, Chairman of the Small Enterprise and Market Service, stated, "We will continue to monitor the challenges faced at the grassroots level and spare no support to help affected small business owners recover their business operations as soon as possible."

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