Jeonnam Province Expands Loan Support for Tourism Promotion Fund
Loan Repayment Period Extended by 1 Year
[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 16th that it will expand the Tourism Promotion Fund loans to include operating funds for tourism businesses struggling due to the prolonged COVID-19 pandemic and extend the loan repayment period by one year.
Until now, the Tourism Promotion Fund only provided loans for facility funds to expand the insufficient tourism accommodation facilities. This year, considering the COVID-19 situation, operating funds will also be supported.
The target industries for operating fund loans are campgrounds, Hanok experience businesses, and domestic travel agencies. Depending on the industry, loans ranging from 50 million KRW to 200 million KRW can be received.
The loan repayment period will also be deferred by one year. The targets are businesses currently repaying the principal of the Tourism Promotion Fund loans or those with repayment dates approaching in 2021. Applications and guidance can be obtained from the loan handling banks, including Gwangju Bank, KEB Hana Bank, NongHyup Bank, Korea Citibank, Woori Bank, or from city and county offices.
The Jeonnam Tourism Promotion Fund has been established and operated since 2013 to contribute to enhancing tourism competitiveness and promotion. So far, 45 tourism businesses have received a total of 25.8 billion KRW in Tourism Promotion Fund loans.
This year, a total of 10 billion KRW in facility and operating funds will be loaned. To alleviate the difficulties faced by the industry due to COVID-19, 70% (7 billion KRW) of the loan budget will be allocated in the first half of the year.
Detailed information on the loan conditions for the first half of the year can be found on the Jeollanam-do official website.
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Yoo Mija, head of the Tourism Division of Jeonnam Province, said, “We hope to somewhat ease the financial burden of the tourism industry struggling due to COVID-19,” and added, “We will continue to cooperate with the tourism industry to revitalize stay-type tourism in the new normal.”
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