Chungnam Provides Additional Emergency Funds of 50 Billion Won to Small Business Owners and Others

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province announced on the 30th that it will provide an additional 50 billion KRW in emergency management stabilization funds to local small business owners and self-employed individuals.

The support targets small business owners and self-employed individuals operating businesses in tourism, lodging, wholesale and retail, and service sectors within Chungnam Province. However, sectors such as finance, insurance, bars, precious metals, gambling and entertainment industries, luxury, and pleasure are excluded from support.

The support amount is up to 30 million KRW per business, with a condition of a 2-year grace period followed by a lump-sum repayment. The province plans to subsidize 2% of the interest rate that businesses must bear.

Applications can be submitted at the Chungnam Credit Guarantee Foundation headquarters and its branches. For more details, refer to the province’s website or contact the Small and Medium Business Division of the province.

Kim Seok-pil, Director of the Economic Office of the province, said, “The prolonged economic downturn caused by COVID-19 has increased the number of local small business owners and self-employed individuals facing management difficulties. The province recently injected 35 billion KRW in emergency management stabilization funds and is now providing an additional 50 billion KRW to alleviate their business hardships.”

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