Daegu City Provides 20 Billion KRW in Operating Funds to Companies Affected by Novel Coronavirus

Daegu Metropolitan City Hall.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju Cheol-in] Daegu City will provide emergency management stabilization funds to companies affected by the novel coronavirus infection (Wuhan pneumonia).

On the 13th, Daegu City announced that it will support companies and small business owners whose sales or operating profits have decreased by more than 10% due to the impact of the novel coronavirus.

The city will provide emergency management stabilization funds up to 1 billion KRW per company and 100 million KRW per small business owner. Interest support will be provided for one year at loan interest rates ranging from 1.7% to 2.2%. The support scale is set at 20 billion KRW, and expansion of support will be considered depending on the situation.

In addition, a special guarantee of 20 billion KRW through the Daegu Credit Guarantee Foundation will be provided for travel, transportation, food service, and lodging industries.

The city will extend the principal repayment due date to the next installment for companies using startup and competitiveness enhancement funds that are experiencing financial difficulties due to the novel coronavirus.

Lee Seung-ho, Deputy Mayor of Economy of Daegu City, said, "We will promote financial support measures based on on-site voices to minimize damage to local companies and small business owners," adding, "We will actively respond in close cooperation with central government ministries and local financial institutions."

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