Hamyang-gun Supports Loan Interest for Small and Medium Enterprises and Small Business Owners

Up to 300 million KRW per SME, up to 50 million KRW per small business owner available for application

Exterior view of Hamyang County Office (Photo by Hamyang County)

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam announced on the 31st that it has finalized the 2021 support plan for fostering funds for small and medium-sized enterprises (SMEs) and small business owners in the region who are struggling with financial difficulties due to the economic downturn caused by the novel coronavirus infection (COVID-19).

The county provided operating funds totaling 11 billion won to 374 companies throughout 2020 to alleviate financial difficulties and stabilize management for SMEs and small business owners.

Furthermore, as the difficulties faced by small business owners due to COVID-19 intensified, an interest subsidy of 5% per year for four years was provided, with up to 10 million won per small business.

The total loan scale is 12 billion won (7 billion won in the first half, 5 billion won in the second half), with an annual interest subsidy of 3%. The repayment conditions are a 2-year grace period followed by 2 years of equal installments for operating funds and small business start-up and lease funds, and a 1-year grace period followed by 3 years of equal installments for SME facility funds.

SMEs and small business owners with business addresses in Hamyang-gun can apply, but financial and insurance industries, pubs, game centers, golf courses, and luxury and entertainment industries are excluded.

Applicants wishing to apply can visit loan handling financial institutions (Nonghyup County Branch, Gyeongnam Bank, Saemaeul Geumgo, Forestry Cooperative) from January 4 to 22 next year, bring their business registration certificate, consult about the loan, and then submit the loan application form, business plan, and other documents to the financial institution.

Seo Chun-soo, the mayor of Hamyang-gun, said, “Since support for SMEs and small business owners facing difficulties is urgent, we will ensure prompt financial support.” He added, “We will continue to collect the difficulties of SMEs and small business owners and do our best to prepare various support measures.”

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