The Ministry of SMEs and Startups (MSS) said on the 14th it will extend the application period for the "COVID-19-affected small business partitioning repayment support" until June 30 next year.
The Ministry of SMEs and Startups (MSS) is implementing the COVID-19-affected small business partitioning repayment support program to ease small businesses' repayment burdens and support management stability. It is part of the "faithful repayment incentive plan" released in July. For small businesses that are repaying direct loans from the Small Enterprise and Market Service but are facing management difficulties due to COVID-19, the repayment period will be extended up to seven years and the loan interest rate will be reduced by 1 percentage point.
The Ministry of SMEs and Startups (MSS) had initially planned to accept applications until the 19th of this month, but decided to run the program until June 30 next year, considering that many small businesses still face management difficulties even recently after COVID-19.
Applications can be submitted online on the Small Business Policy Fund website. Small businesses that find it difficult to use online services can visit any of the 78 small business support centers nationwide.
Park Sang-yong, director for small business management stability support, said, "We expect this program to help stabilize management by reducing financial burdens for small businesses," and added, "We hope small business owners will be sure to apply so they don't miss out on the benefits."