Changwon City Provides 50 Billion Won Emergency Support to Small Businesses Affected by COVID-19

Changwon City Hall Panorama

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Changwon City, Gyeongnam Province (Mayor Heo Seong-mu) announced on the 26th that it will provide emergency financial support worth 50 billion KRW to alleviate the financial difficulties of small business owners in the area affected by the novel coronavirus infection (COVID-19).

The support targets small business owners who have suffered business damage due to the spread of COVID-19 in the area as of the date of guarantee application, and plans to support interest subsidies on loans up to 3.5%, the highest level among local governments nationwide, for one year starting from March 2.

Accordingly, loans of up to 50 million KRW per business are available at zero or low interest rates (differentiated according to credit rating), and it is expected to help small business owners suffering from the regional economic downturn.

Emergency management stabilization funds can be applied for through the Gyeongnam Credit Guarantee Foundation branches, and detailed information can be found on the Changwon City website.

Mayor Heo Seong-mu stated, “To help small business owners who are experiencing the greatest difficulties due to the COVID-19 crisis overcome this emergency and minimize business damage, we will do our utmost not only by injecting this emergency fund but also by issuing additional Changwon Love gift certificates and extending the 10% discount period to revitalize the rapidly shrinking local commercial district.”

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