The Ministry of SMEs and Startups (Minister Han Sung-sook, hereinafter referred to as MSS) announced on the 14th that the application period for the ‘COVID-19 Damage Small Business Installment Repayment Support’ will be extended until June 30, 2026, to alleviate the repayment burden on small businesses and support management stability.
This project is part of the ‘Sincere Repayment Incentive Plan’ announced on July 30 this year, providing up to a 7-year extension of the repayment period and a 1%p reduction in loan interest rates to small businesses that have faithfully repaid direct loans from the Small Enterprise and Market Service but are experiencing management difficulties due to COVID-19.
The MSS initially planned to accept applications until the 19th of this month, but considering that many small businesses are still facing management difficulties even after COVID-19, they decided to extend the project until June 30 next year.
Applications can be made online through the Small Business Policy Fund website (ols.semas.or.kr), and small businesses that have difficulty using online services can visit one of the 78 Small Business Support Centers nationwide to apply.