Expansion of Support for the 'Gangwon-type Employment Social Responsibility System'... Increase in Guarantee Limits

Benefits for SMEs Facing Loan Difficulties Due to Guarantee Limit Exceedance

Reference photo [Provided by Gangwon-do]

[Asia Economy Reporter La Young-cheol] Gangwon Province is expanding the support targets for the 'Gangwon-type Employment Social Responsibility System' that supports small and medium-sized enterprises (SMEs) and small business owners.

According to the province on the 29th, the guarantee limit for the '333 Fund' will be raised from the previous total of 800 million KRW from Gangwon Credit Guarantee Foundation, Credit Guarantee Fund, and Technology Guarantee Fund to 1 billion KRW.

As a result, most SMEs that had difficulty obtaining loans due to exceeding the guarantee limit will be able to receive support benefits. In addition, the retirement date criterion for re-employment of the same person after the existing worker's retirement has been clarified to be after the initial announcement date (April 16).

Furthermore, the announcement includes provisions recognizing exceptions for those not enrolled in the four major social insurances who are inevitably excluded according to laws and guidelines.

The 'Employment Creation and Maintenance Fund (333 Fund) Support Project' is a project by Gangwon Province, the first in the nation to provide employment-linked loan support and incentives, offering interest-free loans of 30 million KRW when hiring one full-time employee, and providing 30% of the loan amount as an incentive if employment is maintained for three years.

A provincial official urged, "Although the application period for the project is until June 30 of next year, funds may be exhausted early, so SMEs and small business owners who wish to receive support from the 333 Fund should apply promptly if eligible."

Specific details of the '333 Fund' can be found on the Gangwon Provincial Government website under 'Gangwon Province Employment Creation and Maintenance Fund (333 Fund) Support Project Change Announcement.'

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