Gwangju City Provides 30 Billion Won in Structural Advancement Funding

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 13th that it will support structural advancement funds worth 30 billion KRW this year to enhance the competitiveness of local small and medium-sized enterprises (SMEs).

The support targets are SMEs with business establishments in Gwangju, including manufacturers with a manufacturing employment rate of 30% or more and manufacturing-related service companies.

The support limits are 1 billion KRW for facility funds (3 years grace period, 5 years equal repayment) and 300 million KRW for working capital (1 year grace period, 2 years equal repayment).

The application period is from the 29th until funds are exhausted.

SMEs wishing to receive support can apply online through the Economic Employment Promotion Agency website, then submit documents such as the loan application form, business plan, copy of factory registration certificate, and recent financial statements in person at the Economic Employment Promotion Agency.

The SME structural advancement fund has been provided annually at a scale of about 30 billion KRW since 1994 to companies related to small and medium manufacturing industries, and is used for local companies' startups and competitiveness enhancement projects.

Lee Kyung, head of the city's Enterprise Development Division, said, "This year as well, we will resolve the financial difficulties of local SMEs through management stabilization funds and venture business development funds," adding, "We will continue to promote various corporate support policies to strengthen corporate competitiveness."

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