Chungnam, Second Round of 'Management Stabilization Funds' for SMEs and Small Business Owners Injected

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will inject additional management stabilization funds (loans) to support local small and medium-sized enterprises (SMEs) and small business owners.

The province announced on the 21st that it will provide an additional 45.9 billion KRW in second emergency management stabilization funds to SMEs and small business owners who have suffered damage or are expected to suffer damage due to the prolonged COVID-19 pandemic (the first round injected 50 billion KRW in February).

The additional budget to be supported is divided into 30.9 billion KRW under the SME management stabilization fund and 15 billion KRW for small business owner funds.

Support is available to SMEs and small business owners operating businesses in Chungnam who are experiencing management difficulties due to COVID-19.

In particular, priority will be given to newly transacting small business owners and self-employed individuals in sectors such as tourism, food service establishments, wholesale and retail, and service industries, whose sales have sharply declined due to the contraction of the local economy and who have not yet received small business owner management stabilization fund support.

However, financial, insurance, lodging, pubs, precious metals, gambling, luxury, entertainment, and speculative industries are excluded from support.

The support scale per company is 200 million KRW for the manufacturing sector, 300 million KRW for the technology innovation sector, and 30 million KRW for the small business owner sector.

The repayment condition is a two-year grace period with lump-sum repayment, and the province supports 2% of the interest burden on the company.

Manufacturing sector applications can be submitted through the corporate support divisions of the 15 cities and counties in the province, the regional economy division, or the main office and southern branch of the Provincial Economic Promotion Agency. Applications for the technology innovation sector can be made through the Chungcheong regional headquarters and branches of the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation, and applications for the small business owner sector can be submitted through the main office and branches of the Chungnam Credit Guarantee Foundation.

For more details, please refer to the provincial website or contact the provincial Small and Medium Business Division, the regional economy division or corporate support division of the relevant city or county.

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