Jeonbuk Province Provides 10 Billion KRW Emergency Management Stabilization Fund for Chuseok Holiday

Support for Small and Medium Enterprises in the Province: Up to 200 Million KRW per Company and 2% Interest Subsidy

[Asia Economy Honam Reporting Headquarters Reporter Kim Tae-in] Ahead of the Chuseok holiday, Jeonbuk Province and the Jeonbuk Economic and Trade Promotion Agency are taking steps to revitalize the local economy by providing emergency management stabilization funds.

On the 31st, Jeonbuk Province and the Jeonbuk Economic and Trade Promotion Agency announced that they will provide 10 billion KRW to alleviate financial difficulties of small and medium-sized enterprises (SMEs) in the province and to revitalize the local economy, which has been stagnant due to the prolonged COVID-19 pandemic.

This emergency management stabilization fund can be received separately from funds previously supported by the province or city/county, within the limit of up to 2 billion KRW per company, and within 50% of the annual sales of each company.

Additionally, the emergency management stabilization fund is subject to a two-year grace period with lump-sum repayment, and the 2.0% interest for two years will be supported by Jeonbuk Province.

Jeonbuk Province has applied special provisions to expand support for startups and companies experiencing business difficulties, allowing companies less than two years old to apply within 100% of their sales.

Furthermore, the evaluation criteria have been relaxed from 50 points to 40 points, enabling small enterprises (with fewer than 10 regular employees) scoring below 40 points to receive up to 50 million KRW per company.

Song Ju-seop, head of the Corporate Support Division, said, “We hope that this emergency management stabilization fund support for the upcoming Chuseok holiday will provide some help to SMEs in the province facing financial difficulties and to the local economy stagnated by the prolonged COVID-19 pandemic. We will continue to strive to ensure timely financial support for companies in the province.”

Meanwhile, applications for the emergency management stabilization fund can be submitted by visiting the Jeonbuk Economic and Trade Promotion Agency from the 1st of next month until funds are exhausted. For inquiries regarding fund support, please contact the Corporate Support Division of Jeonbuk Province or the Economic and Trade Promotion Agency.

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