Ahead of the Chuseok holiday, when demand for funding tends to surge, the Incheon Metropolitan Government will begin providing a total of 50.5 billion won in business stabilization funds from September 17 to relieve the burden on small business owners. The support is expected to give some 1,700 businesses access to ultra-low-interest loans.
 [코리안투데이] Information on Incheon’s business stabilization fund support for small merchants © 장형임 기자 |
The Incheon Metropolitan Government (Mayor Park Chan-dae) announced that it will supply a total of 50.5 billion won through the 2026 Phase 3 Hope Incheon Small Business Stabilization Fund starting Thursday, September 17, to support small business owners in the city struggling amid the economic slowdown and weak domestic consumption. Earlier this year, Incheon provided 100 billion won in Phase 1 (January) and 114.5 billion won in Phase 2 (March), and with this third phase added, the scale of liquidity supplied to small merchants grows even more substantial.
This round of support focuses on delivering real cash liquidity in a timely manner ahead of the peak holiday season. The measure takes into account that funding pressure on small business owners typically intensifies around Chuseok as spending on ingredients and labor rises. The city expects that roughly 1,700 businesses will benefit from the loans through this injection of funds.
Eligible recipients are small enterprises and small business owners with places of business in Incheon, including firms affected by the recent closure of Homeplus stores. The loan limit is up to 50 million won per business. Interest support has also been strengthened to ease the burden of high rates: 2.0% per year for the first year and 1.5% per year for the following two years will be subsidized. A guarantee fee rate of 0.8% per year, lower than that of general guarantees, will apply, allowing businesses to access funds at what is effectively an ultra-low interest level.
Loans will be handled through seven partner banks, including Shinhan, Nonghyup, Hana, Kookmin, Woori, KakaoBank and K Bank. However, to distribute the limited funds more evenly among a larger number of small merchants, several groups are excluded from support this year: businesses that have already used Incheon’s business stabilization funds this year, those that received guarantee support from the Credit Guarantee Foundation within the past three months, those with a combined guarantee amount of 200 million won or more, businesses in guarantee-restricted sectors such as gambling, entertainment, leisure and tobacco, and those subject to guarantee restrictions due to overdue payments or arrears.
Applications will be accepted on a first-come, first-served basis from 9 a.m. on Thursday, September 17, until the funds are exhausted. Applicants can apply conveniently and contactlessly through the Incheon Credit Guarantee Foundation’s mobile app ‘BojeungDream’ without visiting a branch. In addition, for those in the digital divide—including seniors aged 65 and older, people with disabilities and pregnant women—each district branch of the Incheon Credit Guarantee Foundation will also operate on-site visit reservations and in-person application counters.
Kim Jun-seong, director of the city’s Economic Affairs Bureau, said, ‘This business stabilization fund is a measure to ease the heavy management burden on small business owners facing greater funding pressure ahead of the holiday and to revitalize the sluggish local commercial districts,’ adding, ‘We will steadfastly continue to provide tailored policy financing support that small business owners can feel immediately on the ground.’
Details can be confirmed on the Incheon Credit Guarantee Foundation website (www.icsinbo.or.kr), through its customer center (☎1577-3790) or via the ‘BojeungDream’ app.
지역 홍보대사 신청 기자양성과정 신청 코리안투데이 지부장 신청 코리안투데이 인천강화
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