Gimcheon City Expands Working Capital for SMEs by 55 Billion Won... Accepting Applications for 22 Billion Won Lunar New Year Funds
Application for Lunar New Year Holiday Funds Open from the 11th to the 29th
Gimcheon City will provide 55 billion KRW in working capital funds in 2021 to support local small and medium-sized enterprises facing financial difficulties. The photo shows the Gimcheon City New Year's ceremony. Photo by Gimcheon City
View original image[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Gimcheon City, Gyeongbuk Province announced on the 4th that it will support local small and medium-sized enterprises (SMEs) facing financial difficulties with 55 billion KRW in operating funds for SMEs in 2021.
Gimcheon City explained that in order to stabilize the management of SMEs experiencing financial difficulties due to changes in export-import environments caused by COVID-19 and sluggish domestic demand, the interest subsidy budget, which was 1.3 billion KRW in 2020, has been expanded to 1.75 billion KRW, and the loan scale has been increased from 47.8 billion KRW to 55 billion KRW.
The support targets are SMEs engaged in manufacturing, construction, trade, transportation, and other industries with business locations in Gimcheon. Depending on the sales scale, loans of up to 300 million KRW per company will be recommended. Preferential companies such as job-creating companies, hometown TOP companies and companies of the month, companies for the disabled, and women-owned companies can receive loan recommendations of up to 500 million KRW.
The support period is divided into regular support for the Lunar New Year and Chuseok holidays and occasional support in April and October. First, applications for 22 billion KRW in Lunar New Year funds will be accepted from the 11th to the 29th.
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Kim Chung-seop, Mayor of Gimcheon, said, "We will promptly provide operating funds so that SMEs, which are the roots of the local economy, can maintain stable management despite the adverse domestic and international conditions caused by COVID-19."
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