Busan City Provides 10 Billion KRW Special Guarantee Support to COVID-19 Affected Companies... "Proactive Full-Scale Response"

On the afternoon of the 4th, Busan City held a 'Public-Private Joint Emergency Economic Countermeasure Meeting' chaired by Mayor Oh Keo-don at the Busan Tourism Enterprise Support Center to assess the local economic situation amid the spread of the novel coronavirus and discuss response measures (Photo by Busan City).

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] On the afternoon of the 4th, Busan City held a 'Public-Private Joint Emergency Economic Countermeasures Meeting' at the Busan Tourism Enterprise Support Center to assess the local economic situation due to the spread of COVID-19 and discuss response measures.

The Busan Credit Guarantee Foundation decided to provide emergency special guarantee support to affected companies (small business owners) regardless of credit rating. The support scale is 10 billion KRW, focusing on companies related to tourism, MICE, and festivals. The limit is up to 50 million KRW per company, with an interest rate within 2.9%, and a guarantee fee rate of 0.5%.

Special financial support guarantees are provided to small-scale tourism operators, and special funds up to 100 million KRW per small business owner are also supported.

Busan City plans to minimize local economic damage by operating a public-private joint 'Emergency Economic Countermeasures Headquarters.' The 'Emergency Economic Countermeasures Headquarters' consists of six teams: General Support Team, Import-Export Support Team, Tourism Support Team, Port and Logistics Support Team, Livelihood Stability Support Team, and University Cooperation Team, with participation from over 40 organizations.

Busan Mayor Oh Keo-don stated, "Since this year's city administration direction is focused on economic vitality, we plan to activate all preemptive measures possible locally through collaboration with the business community and related organizations centered on the 'Emergency Economic Countermeasures Headquarters.'"

About 30 representatives from the local business community and economic-related organizations and companies attended the meeting, including the Busan Chamber of Commerce and Industry, Busan Employers Federation, Korea International Trade Association, Merchants Association, Busan Tourism Association, Busan Small and Medium Venture Business Administration, Busan Customs, Busan Port Authority, Air Busan, and Neomed (mask manufacturer).

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