Gokseong-gun Implements Jeonnam Tourism Promotion Fund Loans to Overcome COVID-19

1% Interest Rate Facility and Operating Fund Support

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gokseong-gun (Governor Yu Geun-gi) announced on the 22nd that it will expand the scope of the Jeonnam Province Tourism Promotion Fund loan support to include operating funds and extend the repayment period by one year to assist tourism businesses struggling due to the prolonged COVID-19 pandemic.

The Jeonnam Province Tourism Promotion Fund has been operated since 2013 with contributions from Jeonnam Province and 22 cities and counties, aiming to enhance tourism competitiveness and promote tourism.

Until now, only facility funds have been supported to expand the insufficient tourism accommodation facilities.

The support targets were limited to tourism accommodation businesses, tourism pension businesses, camping ground businesses, Korean Tourism Quality Certified accommodations, tourist railway businesses, hanok experience businesses, and new or expanded parking facilities within tourist sites (including tourist complexes and tourist special zones).

This year, considering the COVID-19 situation, the scope of fund operation has been broadened.

Domestic travel agencies, which were previously excluded from the support targets, have now been included.

Additionally, operating funds can now be loaned up to 200 million KRW depending on the industry.

The loan interest rate is 1% (3-month variable rate). For facility funds, the conditions are 4 years grace period and 7 years equal repayment for new construction, 3 years grace period and 4 years equal repayment for expansion, and 2 years grace period and 3 years equal repayment for renovation.

For operating funds, the interest rate is the same, with a 2-year grace period and 3 years equal repayment.

Eligible applicants must have business plan approval and building (or change of use) permits under the Building Act. For expansion and renovation, businesses must have been operating for at least one year prior to the announcement date. For new construction, the site must be secured (purchase completed) as of the application date.

To receive support, applicants must complete loan consultation with the loan handling banks (Gwangju Bank, Industrial Bank of Korea, NongHyup Bank, Hana Bank, Korea Citi Bank, Woori Bank), obtain business plan approval from the county, and submit applications by mail or visit to the Tourism Division by the 31st.

Detailed information can be found on the Gokseong-gun website.

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