Gyeongnam Province Provides 200 Billion KRW Loan Support for Small Business Policy Funds

Relief of Financial Burden with Credit Guarantee Fee Support (0.2~0.5%)
Online Reservations for Gyeongnam Credit Guarantee Foundation Start at 9 AM on the 25th, First-Come, First-Served Basis

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do will provide a loan support of 200 billion KRW in policy funds starting from the 25th to assist small business owners struggling due to the prolonged local economic downturn.

14.5 billion KRW will be supported in the first quarter, from the 25th until the funds are exhausted.

The loan amount is limited to 100 million KRW per business, with either a lump-sum repayment after one year or a one-year grace period followed by four years of installment repayments, and an interest difference of 2.5% will be compensated for one year.

However, for small business owners in the Special Employment and Industrial Crisis Response Areas (Changwon Jinhae-gu, Tongyeong, Geoje, Goseong), the loan terms are a lump-sum repayment after two years or a two-year grace period followed by three years of installment repayments, with a 2.5% interest difference compensated for two years.

118 billion KRW will be operated as eight special funds, with the support period from the 25th until the funds are exhausted.

The support sectors are ▲ Growth Promotion Fund 10 billion KRW ▲ Hope Do Dream Special Fund 25 billion KRW ▲ Startup Special Fund 5 billion KRW ▲ Job Creation Special Fund 5 billion KRW ▲ Small Manufacturer Special Fund 8 billion KRW ▲ COVID-19 Emergency Support 30 billion KRW ▲ Chuseok Holiday Preparation 5 billion KRW ▲ Business Site Purchase Fund 30 billion KRW.

The fund application targets are small business owners registered in the province, with some businesses excluded.

Consultation reservations can be made from 9 a.m. on the 25th via the Gyeongnam Credit Guarantee Foundation website.

Small business owners who have difficulty using the internet can apply by phone through the customer support center.

Kim Hyunmi, head of the Small Business Policy Division of the province, stated, "The prolonged COVID-19 pandemic has put the livelihood economy in great crisis, and small business owners are facing severe financial difficulties. We will focus on alleviating the financial burden of small business owners on the front lines of the livelihood economy, even if it is insufficient."

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