Gyeongnam Province Provides 34.5 Billion KRW in Special Funds to Support Small Businesses Overcoming COVID-19

2 Years of 2.5% Annual Interest Support, 0.8% Guarantee Fee, Credit Rating Relaxed up to Grade 10

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Gyeongnam Province announced on the 29th that it will provide 34.5 billion KRW in 'COVID-19 Overcoming Special Funds' starting July 1 to small business owners in the province who are struggling due to the prolonged COVID-19 pandemic.

The support targets small business owners in all industries registered in the province with credit ratings from 1 to 10. Each business can receive loans up to a maximum of 70 million KRW, with repayment conditions of either a lump-sum payment after a 2-year maturity or a 3-year installment repayment following a 2-year grace period.

The support includes interest subsidies at 2.5% for 2 years, and the guarantee fee rate, usually around 1%, will be operated at 0.8%.

Consultation reservations can be made from July 1 on the Gyeongnam Credit Guarantee Foundation website. After mobile phone identity verification, applicants can book a consultation date and time, then visit the branch with their ID and required documents.

Kim Ki-young, Director of the Job Economy Bureau of Gyeongnam Province, said, “As the spread of COVID-19 continues for a long time, we will expand the support target to all industries and supplement government support conditions to provide parallel support, doing our best to overcome the crisis in the second half of the year.”

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