Gyeongbuk Province Provides 1 Trillion Won in Policy Funds for SMEs... Largest Scale Ever

Gyeongsangbuk-do Provincial Government Office view (Photo by Gyeongbuk Provincial Government)

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Yushin] Gyeongbuk Province has decided to provide a record-high 1 trillion won in policy funds this year to alleviate the financial difficulties of local small and medium-sized enterprises (SMEs) facing hardships.

This is a 24.1% increase compared to last year.

According to Gyeongbuk Province on the 7th, last year the province collaborated with 14 commercial banks including Daegu Bank to operate policy funds by directly utilizing provincial funds as loan capital or subsidizing part of the loan interest, increasing the funds from 400 billion won to around 800 billion won.

However, judging that the conditions for SMEs and small business owners remain challenging, this year they have further increased funds for startup and competitiveness enhancement, venture companies and small business promotion, and SME working capital.

Policy funds for SME management stabilization targeting companies with a sales decrease of more than 10%, and funds responding to Japanese export regulations, which have been implemented since the second half of last year, will continue to be supported this year as well.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "We will do our best to revive SMEs through low-interest fund support and thereby create more jobs."

This content was produced with the assistance of AI translation services.