Incheon City Provides Up to 100 Million KRW Loan Support to Companies Maintaining Employment for 6 Months

[Asia Economy Reporter Park Hyesook] Incheon City is providing special funds to small and medium-sized enterprises (SMEs) that maintain employment despite the difficult economic situation caused by the novel coronavirus infection (COVID-19) outbreak, which has led to decreased exports and reduced sales.

On the 1st, the city announced that it will provide interest-free operating funds of up to 100 million KRW to SMEs that have maintained employment for more than six months among COVID-19 affected companies.

The support targets manufacturing companies with fewer than 30 employees, providing an amount equivalent to two months' wages of their workers under a lump-sum repayment condition with a two-year maturity. In particular, companies with fewer than 10 employees can receive support of up to 50 million KRW, equivalent to three months' wages of their workers.

The total support scale is 30 billion KRW, fully covered by the Incheon City SME Development Fund. The city expects this support to help maintain employment for 10,000 people across 500 companies.

An official from Incheon City stated, "This support will not only build a social safety net through employment maintenance but also enhance corporate competitiveness by maintaining workers' job proficiency, creating an environment for rapid economic recovery in the post-COVID era."

Applications for the special funds can be submitted from the 2nd at the Incheon Technopark Smart Manufacturing Innovation Center. Applicants must prepare basic documents such as factory registration certificates and financial statements, COVID-19 damage verification documents, and employment insurance-related documents along with the application form.

For more details, please visit the SME customized one-stop support system Biz-ok homepage (http//:bizok.incheon.go.kr).

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