SEOUL, Dec. 23 (Korea Bizwire) — The Seoul city government said Wednesday it is offering 800 billion won (US$721 million) in low-interest loans to small businesses hit hard by the coronavirus pandemic.
Acting Seoul Mayor Seo Jeong-hyup unveiled the plan during a press briefing, saying small business owners can apply for up to 30 million won at a 0.56 percent annual interest rate.
The city government will begin accepting applications next Monday, with the aim of handing out loans starting Jan. 4.
It also plans to issue mobile coupons worth 100 billion won to encourage customers to buy from small businesses.
The city government and participating businesses will each provide a bonus of 10 percent of a coupon’s value, allowing customers to buy 120,000 won worth of goods and services with only 100,000 won, for example.
The coupons can be redeemed starting next Monday.
The greater Seoul area has seen a surge in coronavirus cases in recent weeks, with the capital city counting 376 new cases Tuesday after peaking at 473 on Saturday.