Jeonnam Province Provides Financial Support to SMEs and Small Business Owners Affected by Heavy Rainfall

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province, together with the government, has launched financial support to quickly stabilize the management of small and medium-sized enterprises (SMEs) and small business owners affected by the recent heavy rains.

According to Jeonnam Province on the 12th, the Small and Medium Business Corporation will provide emergency management stabilization funds of up to 1 billion KRW per company at an interest rate of 1.9% for SMEs. The Small Enterprise and Market Service will offer loans of up to 70 million KRW to small business owners at an interest rate of 2.0% (1.5% for special disaster areas).

Additionally, plans are in place to expand special guarantees to ease the burden on SMEs and small business owners.

SMEs can receive guarantees with a guarantee fee of 0.5% for working capital and facility funds combined, up to 300 million KRW, through the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund. In special disaster areas, guarantees with a fee of 0.1% are available for up to 500 million KRW in working capital and facility funds within the required amount.

Small business owners can receive special guarantees through the Jeonnam Credit Guarantee Foundation for up to 200 million KRW with a guarantee fee of 0.5% (0.1% for special disaster areas).

SMEs and small business owners affected by the damage should report the damage to their city, county, or district offices to obtain a disaster confirmation certificate, then apply to loan and guarantee institutions.

For more details, inquiries can be made to the Ministry of SMEs and Startups Integrated Call Center (1357), and for special guarantees from the Jeonnam Credit Guarantee Foundation, contact the Foundation’s Guarantee Support Department at 061-729-0652.

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