The Small Enterprise and Market Service said it will begin accepting applications for emergency business stabilization funds from 10 a.m. on the 3rd for small business owners operating inside Homeplus Co. stores.
To ease the business difficulties of small business owners operating inside Homeplus Co. stores, SEMAS switched from proxy lending to direct lending and introduced a simplified screening system. Even without a guarantee from a guarantee agency or financial institution, loans can be obtained with SEMAS document screening alone.
While speeding up fund execution, it also lowered the bar for support. Existing direct loans targeted micro small business owners with annual sales of less than 104 million won or small business owners with less than seven years in operation, but the restrictions were removed for small business owners operating inside Homeplus Co. stores.
Applications for funds can be made online at the Small Business Policy Fund website. Detailed consultations are available at SEMAS regional headquarters and centers nationwide and at the integrated small business call center.
SEMAS Chair In Tae-yeon said, "By listening to voices on the ground, we will concentrate all administrative resources to provide swift support so that small business owners operating inside Homeplus Co. stores can quickly overcome this crisis."
Homeplus Co. is awaiting a court decision on the 4th on whether to approve its rehabilitation plan. The court may extend the approval deadline for the rehabilitation plan by six months, allow time to produce a new plan, or exclude and dismiss the plan.