Gyeongnam Province Provides 30 Billion Won Emergency Fund Support to Small Business Owners

Business Restriction Sectors, Interest Support of 2.5% for 2 Years Within 10 Million Won

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] From the 11th, Gyeongnam Province will implement an emergency guarantee worth 30 billion KRW for small business owners who are severely affected by business suspension due to the extension of social distancing level 2.

The business restriction sectors eligible for support include nine industries: restaurant business, pubs and non-alcoholic beverage establishments, karaoke room operations, performance facility operations, door-to-door sales, educational services (hagwon), computer game room operations, other sports facility operations, and other sports services.

The emergency funds to overcome the novel coronavirus infection (COVID-19) will provide 10 million KRW per business without separate limit screening within a total limit of 100 million KRW including previously guaranteed amounts.

The province plans to support interest subsidy at an annual rate of 2.5% for two years. With the application of the loan interest rate ceiling system, the maximum loan interest rate will be limited to around 3.2%. Small business owners receiving special loans are expected to be able to borrow at a low interest rate of around 0.5% per year.

To quickly provide funds to small business owners who are increasingly struggling due to the spread of COVID-19, on-site investigations and limit screenings will be omitted during the guarantee review process.

For more details, please refer to the ‘2021 Gyeongsangnam-do Special Fund Support Announcement to Overcome COVID-19’ in the notices and announcements section on the provincial website, or contact the Small Business Policy Division of the province or each branch of the Gyeongnam Credit Guarantee Foundation.

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