Seoul allocates 300 billion won for zero-interest loans to COVID-19 impacted firms

The city government of Seoul is offering 300 billion won worth of loans at 0.03-0.53 percent interest rates to small businesses forced to close or restrict services under its social distancing rules.

Such businesses include indoor gyms, private academies, internet cafes, karaoke rooms, restaurants, and coffee shops.

Each affected business can apply for up to 100 million won in loans via online and mobile platforms.

They will then undergo a streamlined evaluation.

Seo Seong-man, a Seoul government official overseeing the program, acknowledged that while social distancing was a necessary step to stop the spread of COVID-19, it also posed difficulties to 660,000 small businesses in the city.

Noting that the small businesses are the backbone of Seoul's economy, he said that the city government has come up with programs to help them.