Jeonnam Province Accelerates Support for SMEs and Small Business Owners Amid COVID-19 Impact
Support for Interest on Repayment Deferral and Maturity Extension of Business Stabilization Funds
[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province (Governor Kim Young-rok) announced on the 25th that it will provide interest support for repayment deferral and maturity extension of existing business stabilization funds loans to help small and medium-sized enterprises (SMEs) and small business owners struggling with management difficulties due to COVID-19 maintain stable operations.
This is an additional support following the 50 billion KRW emergency business stabilization fund support, which began accepting applications on the 10th, and is expected to greatly help normalize management by alleviating the existing loan burden on SMEs and small business owners.
The support targets businesses currently using business stabilization funds whose sales have decreased by more than 10% compared to the same period last year (as of the application date) due to COVID-19, including import-export companies with China and small business owners.
Businesses using installment repayment can defer the repayment period for up to 6 months, and import-export companies with China and small business owners using lump-sum repayment can extend the maturity for up to 1 year.
Jeollanam-do plans to support part of the interest during the repayment deferral and maturity extension period.
Applications can be made by checking the "2020 Emergency Business Stabilization Fund Support Change Plan" announced on the Jeonnam Province and city/county websites. SMEs should apply to the Jeonnam Small and Medium Business Promotion Agency (Foundation), and small business owners should apply to the Jeonnam Credit Guarantee Foundation (Foundation).
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Ahn Sang-hyun, Director of the Economic and Energy Bureau of Jeonnam Province, said, "We will provide timely support such as repayment deferral and maturity extension to SMEs and small business owners struggling due to the spread of COVID-19 to minimize management damage."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
