The Ministry of SMEs and Startups (MSS) said on the 16th that it will provide guaranteed loans totaling 3.3 trillion won to small merchants. Small merchants who prove plans to strengthen competitiveness, such as boosting sales, can borrow up to 100 million won (50 million won for sole proprietors) with repayment by partitioning over up to 10 years.
To that end, banks will launch a small-merchant growth promotion guaranteed loan. Eligible applicants are small merchants who have operated an enterprise for more than one year and have a credit score of 710 or higher. Small merchants must prove their competitiveness enhancement plans by submitting records of introducing smart technologies such as kiosks or showing an increase in the number of employees.
For this loan, banks are entrusted to review and issue the guarantee certificates. Small merchants do not need to visit a local credit guarantee foundation to obtain a guarantee certificate. Banks will follow the local credit guarantee foundation's screening guidelines while additionally using their own screening systems.
NongHyup, Shinhan, Woori, KB Kookmin, IBK, SC, Jeil, Suhyup, and Jeju Bank will launch the loans on the 17th. Hana, IM, BNK Busan, Kwangju, Jeonbuk, and Kyongnam banks will do so on the 28th, and internet banks such as Kakao, Toss, and Kbank are slated to launch in 2026. The Ministry of SMEs and Startups (MSS) said it "will ensure that the financial funds needed by small merchants, such as for startups, growth, and management difficulties, are supplied without a hitch."