Chungnam Provides 595 Billion KRW in Funding to Support Small and Medium Enterprises

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province announced on the 3rd that it will provide 595 billion KRW in funds to support small and medium-sized enterprises (SMEs) this year.

This year's support fund is increased by 45 billion KRW compared to the previous year, and the province plans to raise the total funds to 600 billion KRW by next year.

The target recipients of the support funds are SMEs and small business owners in manufacturing, knowledge service industries, cosmetics and beauty industries, and other sectors with business locations in Chungnam as of the application date.

The support amounts by category are divided as follows: ▲ Startup funds 40 billion KRW ▲ Competitiveness enhancement funds 50 billion KRW ▲ Innovation-type funds 130 billion KRW ▲ Corporate rehabilitation funds 10 billion KRW ▲ Manufacturing business stability funds 110 billion KRW ▲ Technology innovation-type business stability funds 60 billion KRW ▲ Social economy funds 5 billion KRW ▲ Venture and promising startup funds 15 billion KRW ▲ Small business owner funds 175 billion KRW.

Applications for startup, competitiveness, and innovation-type funds can be made through the Chungnam Economic Promotion Agency.

Additionally, manufacturing business stability funds and corporate rehabilitation funds can be applied for at the local city/county economic departments and the Chungnam Economic Promotion Agency; technology innovation-type business stability funds through the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation; and small business owner funds through the Chungnam Credit Guarantee Foundation.

In particular, this year the province plans to reduce the interest subsidy rate from the previous 2% to 1.7% and introduce a clause exempting early repayment fees for small business owner funds to alleviate the burden of early repayment fees on applicants.

For more detailed information, refer to the announcements and notices posted on the province’s official website.

A provincial official said, “We have increased the scale of support funds to assist SMEs, small business owners, and self-employed individuals struggling due to the prolonged COVID-19 pandemic. We hope that the support funds will provide even a small help to local SMEs and small business owners.”

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