Gyeongnam Province Provides 20 Billion Won Support to Small Business Owners in COVID-19 Blind Spots
Businesses Subject to Gathering Bans and Operation Restrictions Receive Up to 10 Million KRW with 1.25% Annual Interest Support for One Year
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 16th that starting from the 17th, as a follow-up measure to support the stabilization of the struggling low-income economy due to the prolonged COVID-19 pandemic, it will provide special funds worth 20 billion KRW to small business owners.
Loans will be provided up to 10 million KRW per business, with a 1-year grace period and repayment in installments over 4 years. Interest subsidy of 1.25% per annum will be supported for one year, making it possible to receive low-interest loans at around 1.9% per annum.
The support targets are small business owners with a credit score of 595 points (formerly grade 7) or higher who work in industries subject to gathering bans or business restrictions.
Businesses that have already received benefits from government or local government policy funds are excluded.
The industries subject to gathering bans or business restrictions eligible for support include restaurants, pubs and non-alcoholic beverage establishments, karaoke room operations, performance facility operations, door-to-door sales, educational services (academies), computer game room operations, other sports facility operations, other sports services, beauty salons, lodging, and more.
Kim Hyunmi, head of the Small Business Policy Division of Gyeongsangnam-do, said, "We hope this loan support will help small business owners facing a crisis due to the prolonged COVID-19 pandemic to overcome the final hurdle, even if just a little."
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For more details, please refer to the '2021 Gyeongsangnam-do Small Business Policy Fund Support Plan Amendment Notice' in the announcements and notices section on the Gyeongsangnam-do official website.
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