Special Low-rate Loans to be Introduced for Small Merchants Hit by COVID-19Mar 31, 2020

As a part of the KRW12 trillion financing support package for the small merchants hit by COVID-19, local banks will begin providing super low-rate loans in the amount of KRW3.5 trillion beginning on April 1.

► ELIGIBILITY: Small business owners that (i) have high credit records whose annual income is at KRW500 million or less and (ii) satisfy qualifications as small merchants according to relevant laws

► TERMS OF SUPPORT: New business loans for up to KRW30 million at a fixed interest rate of 1.5 percent with maturity of maximum one year

► APPLICATION METHOD: Applicants need to visit a local bank branch for consulting. KB Kookmin Banks and Shinhan banks offer online or mobile application as well.

► APPLICATION PERIOD: April 1, 2020 ~ End of 2020

* Please refer to the attached PDF for details.