Naju-si Opens Applications for 'Small Business Interest Subsidy Support Project' Starting from the 20th

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 20th that it will begin accepting applications for the secondary interest subsidy support project to assist small business owners with management stabilization funds.

The secondary interest subsidy project is a program where the local government subsidizes part of the interest on loans taken out by small business owners from financial institutions for management stabilization funds.

The city supports an annual interest rate of 3% (up to 3% of the contracted interest rate) for up to 50 million KRW per business for two years.

The support targets small business owners registered and residing within the jurisdiction, with fewer than 5 employees in wholesale, retail, food service, and service industries, and fewer than 10 employees in manufacturing, construction, and transportation industries.

However, businesses currently receiving various small business support funds from the national or local governments, those unable to engage in credit transactions with financial institutions, or those delinquent in local taxes such as local taxes are excluded from support.

For other excluded industries, please refer to the announcement related to the secondary interest subsidy support plan posted on the city hall website.

Applications can be submitted at the Naju branch of the Jeonnam Credit Guarantee Foundation with the support application form, business plan, business registration certificate, and other related documents.

After screening by the Jeonnam Credit Guarantee Foundation, the city will decide on loan support, and the respective financial institution will execute the loan.

The loan handling institutions include 14 local financial institutions such as NH Nonghyup Bank Naju Branch, Korea Rural Community Corporation, aT Headquarters Branch, Gwangju Bank, Naju Credit Union, Naju Ewha Credit Union, Naju, Naju Dongbu, Yeongsanpo Saemaeul Geumgo, and corporate banks including IBK, Hana, Shinhan, Woori, and KB Kookmin Bank (located in Bitgaram-dong).

Earlier, on the 11th of last month, the city signed a ‘Secondary Interest Subsidy Support Business Agreement’ with the Jeonnam Credit Guarantee Foundation and 14 local financial institutions to support small business owners’ management stabilization funds.

Mayor Kang In-gyu said, “Through this secondary interest subsidy system, I hope to ease the management burden of small business owners who are the backbone of the local economy and provide great support to the alley markets that have been stagnated due to the prolonged COVID-19 pandemic. We will do our best to promote the project and cooperate with the Jeonnam Credit Guarantee Foundation and financial institutions so that small business owners can thoroughly enjoy the benefits.”

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