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1. A refinancing loan refers to changing an existing high-interest loan to a lower-interest loan.
2. The government has prepared a refinancing loan policy that allows small business owners to switch to low-interest loans.
3. You can apply for a loan with an interest rate of 7% or higher or a loan that has received a certificate of difficulty in extending the maturity.
The debt burden of many small business owners has increased significantly since COVID-19. In addition, the loan interest rate has also increased, so small business owners must be very worried about repaying their loans. The government has prepared a ‘low-interest refinancing loan policy’ to reduce the debt burden of small business owners. Let’s take a look together.
What is a refinancing loan?
A refinancing loan refers to changing an existing high-interest loan to a lower-interest loan. With a refinancing loan, you can reduce the monthly interest you pay and, depending on the situation, extend the maturity, and switch to a loan with better conditions. What is the 2024 Small Business Refinancing Loan?
The government will support small business owners by lowering the loan interest rate to 4.5% and allowing them to repay over 10 years. It will also exempt early repayment fees and late payment penalties when the loan is overdue.
*What is a small business owner?
A small business owner must meet both of the following conditions.
– Sales criteria: 12 billion won to 1 billion won by industry
– Regular employee criteria: Manufacturing, construction, transportation, etc. have less than 10 employees, and wholesale, retail, and service industries have less than 5 employees
A small business owner with medium or low credit who holds one of the two loans below can apply. Here, a small business owner with medium or low credit refers to a business owner with an NCB personal credit score of 839 or lower. *However, the loan must have been received before August 31, 2023, and the loan must have been repaid faithfully for more than 3 months at the time of application. 1. High-interest loans of 7% or more
Banking sectors
Toss Bank, Hana Bank, Shinhan Bank, Kookmin Bank, Woori Bank, SC First Bank, Korea Citibank, Gyeongnam Bank, Gwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Jeju Bank, Nonghyup Bank, Suhyup Bank, Industrial Bank of Korea, Export-Import Bank of Korea, K Bank, Kakao Bank
Non-banking sectors
Savings banks, specialized credit finance companies, mutual finance (credit unions, regional agricultural cooperatives, regional fisheries cooperatives, forestry cooperatives, Saemaul Geumgo), insurance companies
2. Loans for which a ‘Confirmation of Difficulty in Extending Maturity’ has been issued due to difficulty in extending the maturity
Issuing institutions
Hana Bank, Shinhan Bank, Kookmin Bank, Woori Bank, SC First Bank, Gyeongnam Bank, Gwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Jeju Bank, Nonghyup Bank, Suhyup Bank, Industrial Bank of Korea, Industrial Bank
Application date
After February 26, 2024
Application method
1. High-interest loans of 7% or more
*Loan for refinancing Handling banks
Hana Bank, Shinhan Bank, Kookmin Bank, Woori Bank, Gyeongnam Bank, Gwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Jeju Bank, Nonghyup Bank, Industrial Bank of Korea
* Toss Bank provides useful information, but is not a handling bank.
2. Loans for which a ‘Certificate of Difficulty in Extending Maturity’ has been issued due to difficulty in extending the maturity
If you are a small business owner who had no choice but to use a high-interest loan in a difficult situation, the government’s low-interest loan policy will be of great help. I hope this policy will help you pay off your loan. For more information, please visit the website of the Ministry of SMEs and Startups.
*This content is based on data from the Ministry of SMEs and Startups.
