Geumcheon-gu Provides a Total of 4 Billion KRW from the SME Development Fund with a 1.5% Loan Interest Rate

Up to 100 million KRW per company, total support of 4 billion KRW, 1-year grace period with 3-year equal installment repayment... Loan interest rate reduced by 0.3% from last year to 1.5%... Applications accepted from Jan 20 to Feb 14 at Geumcheon-gu Office, 11th floor Regional Economy Department

[Asia Economy Reporter Jongil Park] Geumcheon-gu (Mayor Yuseonghun) is providing a total of 4 billion KRW in small and medium-sized enterprise (SME) development funds to alleviate financial difficulties faced by SMEs struggling due to the recent economic downturn.

The support targets SMEs in manufacturing, knowledge industries, information and communication industries, and social economy enterprises that have their main office or business site in Geumcheon-gu. However, companies that have received support within the last five years are excluded to allow more SMEs to benefit.

Support is provided up to 100 million KRW per company, with repayment terms of a 1-year grace period followed by 3 years of equal installment repayments. In particular, the district announced that through the SME Development Fund Operation Deliberation Committee held in October last year, the loan interest rate was reduced by 0.3% from the previous year to 1.5% to ensure management stability of SMEs and revitalize the local economy.

The application period is from January 20 to February 14. Applicants can download the application form from the ‘Notices & Announcements’ section on the Geumcheon-gu Office website (www.geumcheon.go.kr), fill it out, and submit it in person along with supporting documents such as the business registration certificate and value-added tax standard certificate to the Regional Economy Division on the 11th floor of Geumcheon-gu Office.

Based on the submitted loan applications, the SME Development Fund Operation Deliberation Committee will review and decide on support eligibility. The development funds will be directly provided to selected companies after assessing their repayment ability at the Woori Bank Geumcheon-gu Office branch.

To promote the local economy by supporting SMEs, which are the foundation of the regional industry, the district enacted the ‘Ordinance on the Establishment and Operation of the SME Development Fund’ in March 1995. Up to last year, a total of 789 companies have received 76.39 billion KRW in support.

Mayor Yuseonghun of Geumcheon-gu said, “This SME development support fund has lowered the loan interest rate to provide more help to SMEs in Geumcheon-gu facing management difficulties amid challenging domestic and international economic conditions. We will continue to implement various support measures to revitalize the local economy through many SMEs that form the foundation of Geumcheon-gu’s economy.”

For more details, please check the ‘Notices & Announcements’ section on the Geumcheon-gu Office website (www.geumcheon.go.kr) or contact the Regional Economy Division of Geumcheon-gu Office at ☏2627-2228 for guidance.

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