Small business owners who borrowed from savings banks and mutual finance associations will receive a maximum refund of 1.5 million won in interest.
On the 23rd, the Financial Services Commission and the Ministry of Small and Medium Enterprises and Startups announced a small business interest refund program that includes this information. Eligible for interest refund support are sole proprietors and corporate small businesses that took out business loans with an interest rate between 5% and 7% as of December 31 of last year from savings banks, mutual finance institutions, and specialized credit finance companies.
If these small business owners can confirm that they have paid interest on loans for more than a year, they can receive the full amount of the annual refund in one payment during the quarterly refund period after applying for the interest refund. The maximum refund amount per person is 1.5 million won.
However, this program will only be held this year, with the last applications for the fourth quarter closing on December 31. Government authorities plan to verify the refund amounts between January 2 and January 8 next year and carry out the refunds between January 9 and January 16.
For the interest refund application channels, sole proprietors can use both online and offline channels. Detailed information can be found on the websites of the Financial Services Commission, the Ministry of Small and Medium Enterprises and Startups, the Korea Small Business Promotion Corporation, and the Credit Information Organization.