Mapo-gu is offering 2 billion won ($1.4 million) in second-half SME development fund loans to help local small and medium-sized enterprises and small business owners stabilize their operations, with applications open through Tuesday.
The SME development fund provides business operating capital at below-market interest rates, easing the financial burden on small and medium-sized enterprises and small business owners and supporting stable business management.
This year's total support amounts to 4 billion won, split evenly between the first and second halves at 2 billion won each. In the first half, 54 businesses applied for a combined 3.65 billion won; after review, 39 businesses received 2 billion won.
Eligible applicants are businesses located in Mapo-gu that registered at least six months before the announcement date and that hold collateral capacity — either real estate or a credit guarantee certificate — under bank lending regulations.
Loan limits are set at 100 million won per small or medium-sized enterprise, 70 million won per small business owner, and 50 million won for restaurant operators.
The interest rate is a fixed 1.0 percent per year, with repayment structured as a two-year grace period followed by equal installments over three years.
Applications are accepted in person at the Economic Promotion Division of the Mapo-gu Office on weekdays from 9 a.m. to 6 p.m. (excluding noon to 1 p.m.) through Tuesday.
Details on required documents and other information are available on the Mapo-gu Office website or by contacting the Economic Promotion Division directly.
Mapo-gu is also running a special credit guarantee program that allows small enterprises and small business owners with limited collateral to secure loans from financial institutions using guarantee certificates issued by the Seoul Credit Guarantee Foundation.
The district secured 31.25 billion won in special credit guarantees with Woori Bank and Hana Bank in the first half of this year, then added 10.25 billion won in July through agreements with the Seoul Credit Guarantee Foundation, saemaul credit cooperatives, Hana Bank and Kakao Bank.
The combined total for the year reaches 41.5 billion won in low-interest financial support, with a per-business loan ceiling of 100 million won. Inquiries and applications for the special credit guarantee program can be directed to the Seoul Credit Guarantee Foundation's customer center.
"Small and medium-sized enterprises and small business owners are the backbone of the local economy, and they need practical support to ease their financial burden so they can keep their businesses running," Mapo-gu District Mayor Yoo Dong-gyun said. "We will provide the funding they need at the right time through the SME development fund and special credit guarantees, and inject new vitality into the local economy."
seouldream01@heraldcorp.com
