Gyeongnam Province Supports Small Business and Microenterprise Growth with 30 Billion KRW Funding

Gyeongnam Province Establishes 30 Billion KRW Loan Support for Self-Owned Business Site Purchase Funds

Gyeongsangnam-do Provincial Government Building Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 30th that it will provide loan support up to 1 billion KRW per business for small business owners in the province who purchase their own business premises to grow into small enterprises.

The province conducted a survey on support policies targeting about 500 small business owners in the province.

According to the survey, small business owners in the province preferred to set the repayment period for business premises purchase funds as long as possible.

They also wanted to purchase their own business premises with cash equivalent to rent to alleviate the burden of rising rent.

Accordingly, the province will provide loan support up to 1 billion KRW per business with a maximum repayment period of 15 years for those purchasing their own business premises.

The province will support an interest rate of 1.0% per year for 2 years, and banks will provide a special preferential interest rate of 0.1%.

Applicants must be small business owners registered in the province with a business history of more than 36 months.

Businesses that are temporarily closed or shut down, those unable to conduct credit transactions with financial institutions, those with overdue national or local taxes, and businesses related to luxury, entertainment, or speculation are excluded from support.

Applications can be made through all branches of Gyeongnam Bank and all branches of NongHyup Bank within the province.

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