Gyeongnam Province to Provide 430 Billion KRW in Funding for SME Development in the Second Half of the Year

Relaxation of Debt Ratio Requirements to Expand Eligible Companies

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced that starting from the 6th, it will begin providing 430 billion KRW worth of second-half small and medium-sized enterprise (SME) development funds to SMEs within the province.

The SME development fund is a program that subsidizes part of the interest on loans needed for management and facility investments of SMEs.

The scale of funds for the second half is 200 billion KRW for management stabilization funds, 124 billion KRW for facility equipment funds, and 106 billion KRW for special funds. The interest subsidy rate ranges from 0.75% to 2.0% depending on the repayment period.

To strengthen support for New Deal industries, a new Gyeongnam-type regional balanced New Deal industry development fund of 10 billion KRW has been established.

Additionally, to improve the performance of export companies due to rising logistics costs, a new export company support fund of 50 billion KRW has been created.

The support target is companies with direct export performance within the last three years as of the application date.

Furthermore, to expand the target companies eligible for funding support among SMEs in the province, the debt ratio exclusion criterion for applicants has been reduced from less than 150% to less than 130%.

For more details, please refer to the Gyeongsangnam-do official website or the Gyeongsangnam-do Economic Promotion Agency website.

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