Hampyeong-gun Supports Interest on Loan Financing for Local Small Business Owners

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Hampyeong-gun, Jeollanam-do (Acting Governor Na Yunsu) announced on the 16th that it will support loan interest payments for local small business owners again this year, following last year.

The county recently signed a business agreement with eight local financial institutions, including the Jeonnam Credit Guarantee Foundation, NH Nonghyup, Gwangju Bank, and Hana Bank, agreeing to support loan interest payments for small business owners within the jurisdiction.

The Hampyeong-gun Small Business Financial Support Project is a program where the county subsidizes part of the loan interest for small business owners to stabilize their management and expand their self-reliance base.

First implemented in April last year, the project received enthusiastic support from local small business owners, with applications closing early within less than a month after opening.

This year, to allow more small business owners to benefit, the county reduced the maximum loan amount per business from 50 million KRW to 30 million KRW, while significantly increasing the total support limit from 460 million KRW to 1.2 billion KRW, a 260% increase.

The loan interest support period, which was up to two years, will remain the same this year.

In particular, this year, a dedicated desk from the Jeonnam Credit Guarantee Foundation will be installed and operated within the Civil Service Department of the county office (one day a week) until the project closes, further enhancing convenience for small business owners applying for the program.

The support targets are small business owners who have their resident registration address and business registration in Hampyeong-gun and have operated an actual business site for more than one year. Eligible businesses include retail, food service, and service industries with fewer than five regular employees, and manufacturing, construction, and transportation industries with fewer than ten regular employees.

Applicants wishing to apply must first check their loan limit at the Jeonnam Credit Guarantee Foundation and then submit the application form in person to the Job and Economy Division of Hampyeong County Office starting from the 17th.

However, businesses in luxury, entertainment, and amusement industries are excluded from applying, and the project will close once the budget is exhausted.

A county official stated, “With the economic downturn and the spread of the novel coronavirus infection compounding difficulties, the management challenges for small local business owners are increasingly severe. We will continue to prepare various management support measures that small business owners can directly feel.”

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