Regulations for Start-up Assistance for the Unemployed Under Employment Insurance Article 18

Where a loan application has been approved upon review, the applicant business shall apply for the loan with the lending financial institution within three months from the date of receipt of the review result notification.If the applicant business is unable to complete the loan process within the period specified in the preceding paragraph, it may apply to the MOL for an extension before the period expires, stating the reason. The extension shall not exceed three months and may be granted only once.A lending financial institution, in processing this loan, shall conduct a review in accordance with Subparagraphs 1 and 2 of the preceding Article and verify any occurrence of business suspension, business discontinuation, or change of the responsible person of the applicant business.A lending financial institution shall complete the review and loan disbursement within 14 days starting from the day following the date on which the applicant business applies for the loan with the institution pursuant to Paragraph 1.Where a lending financial institution fails to complete the review and disbursement within the period prescribed in the preceding paragraph, it shall state the reasons and submit an explanation to the MOL.