Gyeongbuk Province Provides 120 Billion KRW Loan for SMEs' Operating Funds During Lunar New Year... 2% Interest Subsidy for One Year

Loan Support Within 300 Million KRW (Preferential 500 Million KRW)

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 10th that it will provide 120 billion KRW worth of working capital loans for small and medium-sized enterprises (SMEs) facing financial difficulties due to COVID-19 and other factors to stabilize their management during the Lunar New Year holiday.

When SMEs in the province take out loans through commercial banks (14 partner banks), part of the loan interest (2%) will be subsidized for one year through an interest subsidy system.

SMEs engaged in 11 industries including manufacturing, construction, trade, and transportation are eligible for support. In addition, venture companies, social enterprises, and other key growth companies in Gyeongbuk-do can apply for loans regardless of industry. The application period is from the 11th to the 29th. For detailed information on applications, refer to the Gyeongsangbuk-do fund system.

Unlike last year, this Lunar New Year fund can be applied for online in a non-face-to-face manner. For online applications, the applying companies can directly check the progress. The application period has also been extended from 12 days last year to 19 days this year to enhance convenience for companies.

The province plans to cooperate with cities, counties, and the Gyeongbuk Economic Promotion Agency to recommend loans by February 5th so that loan execution through handling banks can be completed before the Lunar New Year holiday.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, "Although the working capital for the Lunar New Year cannot completely thaw the frozen economy, I hope everyone can have at least a warm holiday. We will continue to cooperate with financial institutions to prepare support measures that empower local companies."

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