Gwangju City Provides 200 Billion Won in Management Stabilization Funds to Small and Medium Enterprises

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 22nd that it will provide 200 billion KRW worth of 2020 management stabilization funds to alleviate the management difficulties of local small and medium-sized enterprises (SMEs) and revitalize the regional economy.

The support targets are SMEs with business sites in Gwangju, including manufacturers with a manufacturing employment rate of 30% or more and manufacturing-related service companies. In the first half of the year, 140 billion KRW will be provided, and in the second half, 60 billion KRW will be provided as soon as the first half funds are exhausted.

The support conditions include a 2-year grace period with lump-sum repayment, with a limit of 300 million KRW per company. PRE (PRE)·premium small and strong enterprises, excellent job-creating companies, Gwangju-type job companies, and excellent SMEs can receive up to 500 million KRW.

In addition, Gwangju City will invest 6.8 billion KRW of city funds to provide interest rate subsidies of 2-3% to help alleviate the difficulties of SMEs.

The application period for the first half is from the 10th of next month until funds are exhausted. SMEs wishing to receive support can apply online on the Economic Employment Promotion Agency website, then submit documents such as the loan application form, business plan, and recent financial statements in person at the Economic Employment Promotion Agency.

The SME management stabilization fund has been provided annually at a scale of 200 billion KRW to SMEs related to manufacturing since 2004. This year, companies in need of funds will receive loans from 14 banks, including Gwangju Bank, after document submission and review.

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