Seoul's Dobong-gu district is rolling out a 3.5 billion won ($2.38 million) small and medium-sized enterprise development fund loan program to help local businesses and small merchants struggling with liquidity.
This year's loan pool is 300 million won larger than last year's. Businesses and sole proprietors registered in Dobong-gu are eligible, with each applicant able to borrow up to 100 million won at a fixed annual interest rate of 1.5%.
Borrowers must provide collateral in the form of real estate or a credit guarantee from the Seoul Credit Guarantee Foundation, and will repay the loan in equal installments over three years following a two-year grace period.
Applications are open from Monday through Aug. 14 and must be submitted in person at the Sindobong branch of KB Kookmin Bank. Final loan recipients and amounts will be determined by the Dobong-gu SME Development Fund Management Review Committee.
Further details are available on the Dobong-gu district website under official notices and announcements.
Dobong-gu District Mayor Kim Dong-wook said he hoped the loan support would help stabilize operations for small business owners burdened by the economic slowdown and high borrowing costs. "We will continue to closely monitor the difficulties faced on the ground and push forward with support policies that small merchants can actually feel," he said.
seouldream01@heraldcorp.com
