Gyeonggi-do Provides Emergency Injection of 20 Billion KRW for SME Management Stabilization Fund

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will inject 20 billion KRW of emergency funds for local companies facing management difficulties due to the prolonged COVID-19 pandemic ahead of this year's Chuseok holiday.

On the 16th, Gyeonggi Province announced that it will allocate 20 billion KRW in special management funds starting from the 18th to stabilize the management of companies affected by the prolonged COVID-19 pandemic and to resolve temporary financial difficulties occurring around Chuseok, aiming to stabilize jobs and revitalize the local economy.

The support targets are small and medium-sized enterprises (SMEs) in the province under the 'Small and Medium Enterprise Basic Act.'

The loan conditions are up to 200 million KRW per company with a one-year maturity repayment. The loan interest rate can be used at 1% lower annually than the bank interest rate through Gyeonggi Province's interest rate subsidy support. This support is provided separately regardless of existing working capital support.

The operation period will end early once the 20 billion KRW fund is exhausted.

Additionally, the province decided to support 100 billion KRW in reserve funds to expand support for small business owners affected by COVID-19.

Local small business owners and SMEs wishing to apply can do so at any of the 25 branches of the Gyeonggi Credit Guarantee Foundation. Applications can also be made online through the Gyeonggi Province SME Development Fund website (g-money.gg.go.kr) without visiting a branch.

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