Apply for Funding for Baeknyeon Gage and Baeknyeon Sogongin, Innovative Small Business Owners

Online Applications Open for Three Days from the 21st; Small Business Specialized Funds Also Accepted

[Asia Economy Reporter Kim Cheol-hyun] The Small Enterprise and Market Service (Chairman Jo Bong-hwan) announced on the 18th that it will open applications for a 70 billion KRW fund called the 'Innovative Small Business Fund' for Baeknyeon Gage and Baeknyeon Sogongin for three days starting from the 21st.

The Innovative Small Business Fund supports Baeknyeon Sogongin selected through the Service's 'Baeknyeon Sogongin Development Project' and Baeknyeon Gage companies selected through the 'Baeknyeon Gage Development Project'. Only companies that meet the small business criteria and have no loan restrictions can apply for the fund. Additionally, the 'Sogongin Specialized Fund' supporting manufacturing small businesses will also accept applications during the same period.

Applications will be accepted from the 21st to the 23rd. The Innovative Small Business Fund offers an interest rate of 1.63% based on the third quarter of this year, with operating funds limited to 100 million KRW per company annually and facility funds up to 500 million KRW per company. The Sogongin Specialized Fund has an interest rate of 2.03% as of the third quarter, with operating funds available up to 100 million KRW per company annually and facility funds up to 500 million KRW.

To enhance user convenience and prevent the spread of COVID-19, the Service has switched to accepting documents online (non-face-to-face) without on-site submissions at regional centers. However, corporate enterprises can visit in person after reserving a visit time through the pre-reservation system, and facility funds must also be applied for on-site after prior reservation.

Non-face-to-face loan applications can be submitted online through the 'Policy Fund Site' on the Service's website. After review and approval, applicants must visit one of the 66 regional centers nationwide to sign the loan agreement. More detailed information about small business policy fund applications can be found on the Small Enterprise and Market Service website.

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