Gyeongbuk Province, 100 Billion KRW Special Fund for SMEs During Chuseok... 300 Million KRW Loan Per Company

Apply Online or Visit City/County Office by September 15

[Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongbuk Province announced on the 30th that it will provide special support of 100 billion KRW in working capital funds for small and medium-sized enterprises (SMEs) facing difficulties in management due to COVID-19 and other reasons during the Chuseok holiday.

This special fund will be operated in the form of interest subsidy, where the province supports part of the loan interest rate (2%) for one year when SMEs take out loans through partner banks. Eligible applicants are SMEs with business sites in the province engaged in 11 industries including manufacturing, construction, trade, and transportation.

In addition, social enterprises, venture companies, and other key fostered companies by the province can apply for loans regardless of industry. Key fostered companies include social enterprises, excellent job-creating companies, excellent youth employment companies, Silalian companies, Pride companies, local root companies, venture companies, and village enterprises.

Depending on sales scale, companies can apply for loans up to 300 million KRW per company. Preferential companies designated by the province, such as Gyeongbuk Pride companies, Gyeongsangbuk-do joint brand Silalian, and companies relocated to the province from other cities or provinces, totaling 25 types, can receive loan recommendations up to 500 million KRW.

Interested companies can visit the handling bank to consult in advance about loan eligibility and loan amount, then apply online or visit the city/county office where the company is located to apply. The application period is from the 31st to September 15.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "I hope that the special funds for SMEs in preparation for Chuseok will help stabilize management amid the difficult economic situation caused by COVID-19," and added, "We will continue to promote SME support policies so that more companies in the province can benefit."

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