Miryang City Significantly Expands Corporate Support Toward 'Enterprise First, Nano City'

26 Billion KRW Allocated for SME Development Funds... 30% (6 Billion KRW) Increase from Last Year
4 New SME Support Projects Added This Year... Expanding Total to 15 Including Existing 11

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Miryang City, Gyeongnam Province announced on the 5th that it will significantly expand support projects for small and medium-sized enterprises (SMEs) this year by adding four new SME support projects to build a 'Company First, Nano City Foundation.'

To revive the local economy, which has been stagnated due to the novel coronavirus infection (COVID-19), the city plans to increase SME development funds by 30% compared to last year and add four new support projects to the existing 11.

First, to help local SMEs effectively respond to COVID-19 and establish a stable management foundation, SME development funds will be provided up to a maximum of 1 billion KRW per company.

To this end, the SME development fund budget was set at 2.6 billion KRW, a 30% increase from last year. The support includes compensating the interest difference on loans for general operating funds and facility investment funds up to 3~3.5%. The loan period is 2 years for general operating funds and 3 years for facility investment funds.

In particular, young startup companies, women-owned businesses, and companies owned by persons with disabilities will receive an additional 0.5% interest compensation benefit. The limit amount is applied differentially within the range of 200 million to 1 billion KRW depending on the number of regular employees and sales volume, and companies less than three years old can receive support if they meet only the regular employee criteria.

Additionally, the budget for SME support projects was set at 611.9 million KRW, a 28.3% increase from last year, designating four new support projects: future automobile parts demonstration and commercialization support, export logistics cost support, overseas branch participation support, and support for Labor Day commemorative events and model worker industrial inspections.

Mayor Park Il-ho emphasized, “We will actively prepare and implement various corporate support measures to minimize damage to local companies caused by the spread of COVID-19 and enhance corporate competitiveness,” adding, “We will continue efforts to establish a company-first foundation and revitalize the local economy.”

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