Suncheon-si Implements Interest Support Program for Small and Medium Enterprise Loans

Loan Limit of 300 Million KRW per Company with 3% Subsidized Interest Rate Support

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City (Mayor Heo Seok) is promoting the "Small and Medium Enterprise Loan Interest Support Project," a pledge project of the 7th local government, to resolve the management difficulties of small and medium-sized enterprises suffering from COVID-19 and other challenges.

This project targets manufacturing companies that have been operating for more than two years with their main office (headquarters) and business sites in Suncheon City. Loans are executed through seven financial institutions that have signed agreements with Suncheon City, and Suncheon City supports part of the interest on the loans.

This year's support scale is 24 billion KRW based on loan funds, allowing up to 300 million KRW per company for management stabilization funds, technology development funds, and business structure advancement funds. The city supports companies with a compensation interest rate of 3% for two years.

In particular, preferential companies such as women-owned and disabled-owned businesses, promising small and medium enterprises, and companies excelling in employment (job creation) receive an additional 0.5% support benefit.

A Suncheon City official stated, "We will strive to create an environment where entrepreneurs can manage stably by resolving the management difficulties of small and medium enterprises suffering from COVID-19."

The application and reception period for the project is from the 7th of last month until the support funds are exhausted. For more details, please check the announcement board on the Suncheon City website or contact the Suncheon City Investment and Job Creation Division.

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