Dongjak-gu launches financial support for young entrepreneurs

Dongjak-gu in Seoul has launched the ‘Youth Entrepreneur Safe Finance Support Project’ to ease the financial burden on young business owners. To facilitate this, the district signed a business agreement with the Seoul Credit Guarantee Foundation and KB Kookmin Bank.

The program targets small business owners and small-to-medium enterprises located in Dongjak-gu who are aged 39 or younger and have been in business for less than seven years. A total of 2.5 billion won in special guarantees has been allocated for this initiative.

Eligible participants can receive loans of up to 100 million won per company. The program offers interest-free benefits for the first year, followed by a 1.8% interest subsidy provided by the city for the second through fourth years. Repayment is structured as equal installments of principal over four years following a one-year grace period.

Applications open on October 7 and will continue until funds are exhausted. Interested entrepreneurs can visit the on-site consultation desk at the Seoul Credit Guarantee Foundation located on the first basement floor of the Dongjak-gu Office. Specific consultation hours are scheduled for Mondays and Wednesdays through November 30.