The city of Incheon announced that starting from August 1, it will launch a low-interest policy fund loan project to help stabilize the management of local small businesses and revitalize the local economy.
This project, implemented through a total of 5 billion KRW of ‘Small Business Market Promotion Fund,’ has already loaned 2.329 billion KRW in the first half of the year.
In the second half, an additional 2.671 billion KRW will be provided to Incheon’s small business owners for store facility improvements and operating funds.
Industries excluded from support include businesses with overdue payments or tax arrears, businesses currently using guarantees from the Credit Guarantee Foundation, and luxury and entertainment industries.
Through this loan project, small business owners can borrow up to 50 million KRW per business, with a credit guarantee limit of 20 million KRW.
The repayment period is a total of four years, with a one-year grace period followed by equal quarterly installments over three years. The loan interest rate is a low 1.62% per annum (quarterly floating rate), and the guarantee fee is set at 0.8%, aiming to minimize the burden on small business owners.
The application period for the second half of the loan project is from August 1 to November 30, and it may end early if the loan funds are exhausted.
It is expected that approximately 250 small business owners will benefit from this low-interest loan annually.
Chan-hoon Park, Director of the Incheon Economic and Industrial Bureau, said, “In a situation where high inflation and high-interest rates are expected to reduce private consumption, we hope this loan project will be of great help to small business owners,” and added, “We will continue to actively pursue various support policies to stabilize the management of small businesses.”
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