Incheon to provide 50.5 billion won in support for small businesses

Incheon Metropolitan City has announced a 50.5 billion won management stability fund to support small businesses ahead of the Chuseok holiday. The third phase of the ‘Hope Incheon Small Business Management Stability Fund’ will begin accepting applications on the 17th on a first-come, first-served basis.

The initiative aims to assist approximately 1,700 small businesses facing difficulties due to economic slowdowns and reduced domestic consumption. Notably, the support includes businesses affected by the recent closure of Homeplus locations. Eligible businesses can receive loans of up to 50 million won per company.

To reduce the financial burden, the city will provide interest subsidies: 2% for the first year and 1.5% for the following two years. A preferential guarantee fee rate of 0.8% per annum will also be applied. Loans are available through seven partner banks, including Shinhan, NH Nonghyup, Hana, KB Kookmin, Woori, KakaoBank, and K-Bank.

Exclusions apply to businesses that have already utilized the management stability fund this year, those that received credit guarantee support within the last three months, or those with total guarantees exceeding 200 million won. Applications can be submitted via the Incheon Credit Guarantee Foundation mobile app, ‘Bojeung Dream,’ though in-person appointments are available for the elderly, disabled, or pregnant individuals.