Gwangju City Provides Early Support for 3 Billion Won Export Promotion Fund Loans

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 7th that it will provide early loan support of 3 billion KRW in export promotion funds to small and medium-sized export companies facing difficulties due to the global economic slowdown and the spread of the novel coronavirus, so that they can receive necessary funds in a timely manner.

The loan support targets are small and medium-sized manufacturing companies with headquarters or business sites in Gwangju. Applications are possible for companies that ▲ have export performance within the last year or ▲ have participated in export-related support projects such as overseas market development teams or exhibitions since 2019. However, companies that have already received support in 2018 or 2019 are excluded.

The eligible projects for loans include not only overseas market development activities and exhibition participation but also export-related projects such as obtaining overseas certification, design development, and own brand registration.

The fund support is up to 300 million KRW per company, with a 2-year grace period and lump-sum repayment (variable interest rate) conditions. The announcement will be posted on the websites of Gwangju City and the Gwangju Economic and Employment Promotion Agency starting from the 10th.

Applications can be submitted to the Gwangju Economic and Employment Promotion Agency from the 24th of this month until the 20th of next month.

Since 1998 until 2019, Gwangju City has supported 312 companies with low-interest loans totaling 54.3 billion KRW in export promotion funds to alleviate financial difficulties and promote exports of small and medium-sized export companies.

Lee Kyung, Director of Corporate Development at the city, said, “Until now, export promotion fund loans have been supported in the second half of each year, but due to the ongoing deterioration of the trade environment, we are taking a proactive approach and urgently providing early support for export promotion fund loans this year to immediately resolve the financial difficulties of small and medium-sized export companies caused by the novel coronavirus impact. We will continue to strive to alleviate the financial difficulties of export companies.”

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