Daegu City Provides 850 Billion KRW in Policy Funds to SMEs and Small Business Owners

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Yushin] Daegu City announced on the 9th that it will provide 850 billion KRW in support funds, including management stabilization funds, to local small and medium-sized enterprises (SMEs) and small business owners this year.

The city increased the management stabilization funds, which serve as operating funds for businesses, by 100 billion KRW compared to last year, and decided to support part of the loan interest (1.3?2.2%) for one year.

The small business funds, previously only available to pro-lower-income sectors, have been expanded to 400 billion KRW to support small business owners with annual sales of 500 million KRW or less regardless of industry. The loan limit was also raised from 70 million KRW to 100 million KRW.

The loan interest rate for startup and competitiveness enhancement funds, totaling 50 billion KRW, was lowered from 2.6% to 2.45%. The city will accept applications in the first and second half of the year until the funds are exhausted.

Management stabilization funds of 450 billion KRW and startup and competitiveness enhancement funds of 30 billion KRW will be disbursed early in the first half of the year.

Applications for support are accepted at Daegu Credit Guarantee Foundation branches and the Small Business and SME Success Support Center.

Lee Seungho, Deputy Mayor for Economic Affairs of Daegu City, said, "Daegu City will expand policy funds to serve as a support pillar for small business owners and SMEs."

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