Chungnam Injects Emergency Management Stabilization Funds Before Holidays '4th Round This Year'

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province is injecting an additional 100 billion KRW in emergency management stabilization funds ahead of Chuseok to provide loans to small and medium-sized enterprises (SMEs) and small business owners. This marks the fourth round of management stabilization funds deployed this year.

According to the province on the 31st, the support funds are allocated as 30 billion KRW for management stabilization funds (20 billion KRW for manufacturing, 10 billion KRW for technology innovation), 20 billion KRW for special funds for the Chuseok holiday, and 50 billion KRW for small business funds.

The support targets SMEs and small business owners with workplaces in Chungnam. This includes sectors facing management difficulties due to the prolonged COVID-19 pandemic, such as manufacturing, tourism, lodging, wholesale and retail, and service industries.

However, financial, insurance, lodging, bars, precious metals, gambling, luxury, entertainment, and speculative industries are excluded from support.

The support amount per company is ▲ 300 million KRW for management stabilization funds ▲ 200 million KRW for special Chuseok holiday funds ▲ 50 million KRW for small business funds, with repayment conditions of a 2-year grace period followed by lump-sum repayment. The province plans to subsidize 2% of the interest rate burden for companies.

The guarantee fee for small business funds has been set at 0.5%, reduced by 0.3 percentage points from the previous 0.8% as in the first, second, and third rounds of emergency funds.

For more detailed information regarding management stabilization fund support, please refer to the province’s website (Industry - Corporate Trade Exchange - Corporate SOS Net - Notices) or contact the Small and Medium Business Division of the province, or the local economic or corporate support departments of the relevant city or county.

Kim Seok-pil, Director of the Provincial Economic Office, stated, “The province has provided management stabilization funds four times from February to now. We will continue to spare no effort to support SMEs and small business owners, the foundation of regional economic development, so they can manage their businesses stably.”

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