The Small Business Market Promotion Agency announced on October 6 that it will begin accepting applications for loan maturity extensions and repayment deferrals to alleviate the financial burden on small businesses affected by Homeplus.
Previously, the agency had provided temporary management support funds of up to 100 million won, offering loans at a rate 0.5 percentage points lower than the standard policy loan rate to help stabilize the operations of small businesses impacted by Homeplus.
This new measure aims to reduce the existing loan repayment burden, allowing affected small businesses to focus on maintaining operations and recovering their management.
Eligible applicants include small businesses that are either currently repaying principal or have policy loans maturing within the year, specifically those that are vendors or trading partners of Homeplus.
These businesses can extend their loan maturity by 12 months, during which they will only need to pay interest. Applications can be submitted starting today through the small business policy loan website.
In Tae-yeon, the agency's director, stated, “We aim to support the management stability of small businesses affected by Homeplus by alleviating the burden of principal repayment on existing loans. We will continue to monitor the challenges faced by these businesses and provide necessary support to help them recover as quickly as possible.”
Meanwhile, the Small Business Market Promotion Agency is a quasi-governmental organization established to foster small businesses, support traditional markets and shopping districts, and revitalize commercial areas. It assists in the sustainable growth of small businesses through tailored financial support.
* This article has been translated by AI.
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