자영업자 대환대출We introduce three financial support systems that can help self-employed people, small business owners, and small and medium-sized businesses.
◆ Reduce the burden of repaying high-interest loans
① Low-interest refinancing program
In the process of overcoming COVID-19, if you took out a loan with a high interest rate of 7% or more and spent it on business funds, we provide support to change to a loan with a lower interest rate.
You can check whether you are eligible for support on the Credit Guarantee Fund website ‘low interest rate.kr’.
· Target of support: Individual business or corporate small business
· Loan type: business loan (credit loan and collateral loan), household credit loan
· Timing requirements: (Business loan) ① Processed until the end of May 2022 ② Banks/non-banks with an interest rate of 7% or higher at the time of application ③ Business loan
(Household credit loan) ① Handled during the COVID-19 period (January 1, 2020 – May 31, 2022) ② Banks and non-banks with an interest rate of 7% or higher at the time of application ③ Household credit loan under the name of the representative of a private company
※ All requirements ①, ②, and ③ are met.
· Refund limit
100 million won for private companies, 200 million won for corporate companies
However, household credit loans can be refinanced within the range of 20 million won.
· Loan repayment
– 10-year maturity, 3-year grace period, 7-year installment repayment
*Full exemption from early repayment fee (monthly repayment amount is approximately 1.19 million won based on principal amount of 100 million won)
– Fixed guarantee rate of 90%, guarantee rate of 1% per year*
*The guarantee fee rate is reduced by 0.3%p for the first three years and the full guarantee fee (10 years) is paid at the time of first repayment.
15% discount on lump sum payment upon payment
· How to apply
– Online application: Credit Guarantee Fund website or low interest rate.kr
– Refund application accepted: 15 banks
Kookmin, Shinhan, Woori, Hana, Corporation, Nonghyup, Suhyup, Busan, Daegu, Gwangju, Gyeongnam, Jeonbuk, Jeju, SC, Toss
* Apply to the bank for a new loan non-face-to-face (bank app) or in person
* However, household credit loans can only be applied for ‘face-to-face’, excluding Toss Bank.
◆ Debt adjustment support
② New Start Fund
A fund to alleviate the repayment burden of self-employed people and small business owners who have difficulty repaying loans due to force majeure damage in the process of cooperating with government quarantine measures such as coronavirus response and business restrictions.
· Support target
Individual business owners, corporate small business owners, insolvent borrowers, or borrowers concerned about insolvency due to the coronavirus
· Support details
Principal adjustment, interest rate reduction, installment repayment, repayment period adjustment, collection suspension, etc.
(Please refer to the website for detailed support information for insolvent borrowers and borrowers with concerns about insolvency)
· Target loan
– (Principle) Covers all loans (regardless of business, household/collateral, guarantee, or credit) held by financial companies under the debt restructuring program agreement to the borrower.
* In the case of corporate businesses, representative household loans are excluded.
– (Exception) Debt adjustment is not possible for loans unrelated to damage from the coronavirus and loans for which debt adjustment is difficult due to defects in purchase requirements, etc.
– (Application Restriction) In order to limit borrowers’ intentional and repeated debt adjustment applications, applications for the New Start Fund can only be made once.
However, if a borrower with concerns about insolvency is unable to fulfill the debt adjustment plan for more than 90 days while using the new start fund, it is possible to transfer to the insolvent borrower track and adjust it.
– (Adjustment limit) KRW 1.5 billion based on total debt (KRW 1 billion secured + KRW 500 million unsecured)
· How to apply
– Online application: New Start Fund website New Start Fund.kr
– Apply for consultation desk: Korea Asset Management Corporation (26 locations), Microfinance Integration Support Center (50 companies)
◆ For those with high credit who have been affected by COVID-19
③ Hope Plus Credit Loan
A bank credit loan system that provides low-interest funds of up to 30 million won to high-credit small business owners.
· Support target
– High credit (personal rating of 920 points or higher) small business owner
– Small business owners who received the secondary protection program for small business owners (2020)
· Support limit: 30 million won
· Support period: 2 years
– Small business owners currently using the Hope Plus credit loan can use it until 2024.
· How to apply: Apply through 14 banks* app or in person at a branch
* Kookmin, Gyeongnam, Shinhan, Daegu, Woori, Busan, Hana, Gwangju, Enterprise, Jeju, Nonghyup, Jeonbuk: Suhyup, SC Jeil
– In order to ease the burden on small business owners, banks share certain costs (approximately 30%), so the actual interest rate applied to small business owners is around 3.3% for one year.
Beware of voice phishing (spam) that solicits phone consultations or clicks on URLs, such as special loan programs impersonating the government, banks, or public institutions!
Contact information: Policy Portal Department, Ministry of Culture, Sports and Tourism
044-203-3048
044-203-3052
044-203-3056
044-203-3055
044-203-3050
044-203-3055
044-203-3048
044-203-3054
044-203-3054
044-203-3046
044-203-3046
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