The Small and Medium Enterprise and Market Promotion Corporation has increased the limit for emergency management stabilization funds, and eased the verification process for enterprises facing difficulties in proving their damages. The government has decided to expand the emergency management support fund loan limit to a maximum of 5 billion won for companies affected by not receiving settlements after joining the online shopping mall ‘Alezz.’
The Financial Services Commission and the Ministry of SMEs and Startups announced on the 23rd that they will increase the limit of emergency management stabilization funds provided by the Small and Medium Enterprise and Market Promotion Corporation for Alezz settlement-affected companies from 1.5 billion won to 5 billion won at an interest rate of 2.5% starting from the 28th. For companies requesting more than 3 billion won, the support amount will be determined through a business feasibility evaluation. The total support amount is 170 billion won.
Additionally, for small business owners who previously could not borrow enough through the Small and Medium Business Corporation due to limited loan amounts or support restrictions, they can repay their current loans without early repayment fees and utilize this new support program by applying through the Small and Medium Business Corporation’s website.
The proof method for the damage in the Shinbo-Corporate Bank support program has also been relaxed. Companies affected while operating in a shop-in-shop manner on e-commerce platforms can capture settlement amount pages as evidence to receive support such as maturity extensions. The support limit per company is 3 billion won and applications can be made at 99 Shinbo branch offices nationwide.
The government has received a total of 1995 applications for emergency management support funds from e-commerce-affected companies from August 9th to October 21st, among which 1442 applications have been granted a total of 206.82 billion won in loans.