Gwangju City Provides 3 Billion Won Loan Support for Export Promotion Funds
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 3rd that it will provide loan support of 3 billion KRW in export promotion funds necessary for export-related projects such as resolving financial difficulties of small and medium export companies and developing overseas sales channels.
The fund support is 300 million KRW per company, with a 2-year grace period and lump-sum repayment (variable interest rate). From this year, excellent entrepreneurs will receive an additional 10% of the loan amount.
The support targets are small and medium manufacturing companies with headquarters or business sites in the Gwangju area that have ▲ export performance within the last year or ▲ participated in export-related projects such as overseas market development teams or exhibitions since 2020. Companies that received support in 2019 and 2020 may be restricted.
Loan-supported projects include not only overseas market development activities and exhibition participation but also export-related projects such as obtaining overseas standard certifications, design development, and own brand registration.
The loan support plan will be announced on the city’s website notice board on the 10th, and applications will be accepted at the Gwangju Economic and Employment Promotion Agency from the 24th to March 19th.
Son Hang-hwan, head of the city’s Enterprise Development Division, said, “Since the export promotion funds are operated to alleviate the difficulties of small and medium export companies, we hope it will provide some support to local entrepreneurs who are suffering double hardships due to COVID-19 and other factors.”
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Meanwhile, Gwangju City has supported 57.3 billion KRW in export promotion funds to 323 companies from 1998 to 2020 to resolve financial difficulties and promote exports of small and medium export companies.
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