Jinju City Promotes Credit Guarantee Fee Support Project for Startup Companies

Up to 2 Million KRW Guarantee Fee for Companies Within 7 Years of Establishment

Jinju City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, announced on the 17th that it will promote the ‘Startup Company Credit Guarantee Fee Support Project’ to alleviate the financial difficulties of startup companies with outstanding ideas and technological capabilities and to help their self-sustained growth in the early stages.

The city supports 50% of the credit guarantee fees from guarantee institutions (Korea Credit Guarantee Fund, Korea Technology Finance Corporation, Gyeongnam Credit Guarantee Foundation, etc.) for loan collateral of corporate funds for manufacturing companies established within 7 years that have their headquarters or main office in Jinju and have completed factory registration. The support limit is 2 million KRW, and applications can be made up to twice per year per company.

Last year, the city promoted the credit guarantee fee support project for 21 companies, receiving favorable reviews from startup companies experiencing financial difficulties due to COVID-19.

Meanwhile, the city supports technology-based startup companies by providing subsidies for newly hired employees of startups and supporting startup incubation for resident companies at four local startup incubation centers, including Gyeongsang National University. It also provides small and medium enterprise development funds to startups established less than six months ago.

A city official stated, “We will actively implement various support projects so that startup companies struggling through the prolonged COVID-19 pandemic can grow, creating a city that is favorable for business management.”

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