Yeongam-gun Expands Loan Interest Support Program for Small Business Owners

3% Annual Interest Subsidy for 3 Years After Loan Disbursement

Yeongam County Office (Photo by Yeongam County)

[Asia Economy Honam Reporting Headquarters Reporter Seo Young-seo] Yeongam-gun, Jeollanam-do announced on the 13th that it is accepting applications for the ‘2020 Yeongam-gun Small Business Interest Subsidy Support Project’ targeting small business owners who have business sites and resident registration addresses within the county.

The support targets are small-scale self-employed and small business operators. For wholesale, retail, food service, lodging, and service industries, the business must have fewer than 5 regular employees, and for mining, manufacturing, construction, and transportation industries, fewer than 10 regular employees.

Depending on credit rating, loans of up to 50 million KRW can be obtained, and the county will subsidize interest at 3% per annum for 3 years on the loan amount. The business owner will bear the interest amount corresponding to the rate excluding the county’s 3% support.

Small business owners wishing to receive the interest subsidy should complete the required documents and consult with the contracted financial institution for loans, then visit the Investment Economy Division (Regional Economy Team) or the nearest eup/myeon office to submit their application by the 31st of next month.

Currently, small business owners who have loans as of the document submission date or plan to take out loans within 3 months are eligible to apply. For those who have received guarantees from credit guarantee institutions, the guarantee fees up to 1 million KRW will be supported, which can be used when executing loans at financial institutions or applied for together with the interest subsidy support project.

For detailed information on application documents, support restrictions, property standards, etc., please check the county office website’s notices and announcements section or contact the Investment Economy Division Regional Economy Team for guidance.

Meanwhile, Yeongam-gun supported 22 million KRW in interest subsidies for loans totaling 1 billion KRW for 25 businesses last year, and plans to continue expanding the small business loan interest support project this year by newly selecting 20 businesses within the budget of 40 million KRW.

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