Gyeongnam Province Provides 35 Billion KRW in Policy Funds for Small Businesses ... Up to 100 Million KRW per Company

Gyeongsangnam-do Provincial Government Building Exterior

[Asia Economy Yeongnam Reporting Headquarters Reporter Ju-cheol In] Gyeongsangnam-do announced on the 18th that it will provide loan support worth 35 billion KRW starting from the 19th to help small business owners struggling due to the local economic downturn and the novel coronavirus disease (COVID-19).

This loan, which will be supported until the funds are exhausted, has a limit of 100 million KRW per business with conditions of either a lump-sum repayment after one year or a one-year grace period followed by four years of installment repayments. Gyeongsangnam-do will compensate the interest difference at a rate of 2.5% for one year on the loan amount.

Small business owners in special employment and industrial crisis response areas (Changwon Jinhae-gu, Tongyeong, Geoje, Goseong) will be supported with either a lump-sum repayment after two years or a two-year grace period followed by three years of installment repayments, and the interest difference of 2.5% will be compensated for two years.

Among the third quarter policy funds, 2 billion KRW will be preferentially allocated to young entrepreneurs whose representatives are under 39 years old and whose businesses have been established for 84 months or less to alleviate their financial difficulties. A guarantee fee support of 0.5%P will be provided for one year.

Fifty billion KRW of the policy funds will be allocated to Zero Pay affiliated stores promoted by Gyeongsangnam-do to reduce the card fee burden on small business owners, with a guarantee fee support of 0.2%P for one year.

Funds that have not been exhausted from existing support will continue to be provided. The special COVID-19 blind spot fund has a remaining limit of 5 billion KRW, with a loan limit of 10 million KRW per business and an interest subsidy of 1.25% per annum for one year.

The support targets are small business owners with a credit score of 595 points (formerly grade 7) or higher who work in businesses subject to gathering bans (including entertainment industries) and business restrictions. Reservations for fund consultations can be made from the 19th on the Gyeongnam Credit Guarantee Foundation website.

Additionally, there is a remaining fund limit of 25 billion KRW for small business owners preparing their own business sites for business expansion or relocation. The limit per business is 1 billion KRW, and the province supports an interest rate of 1.0% per annum for two years, with partner banks providing an additional special preferential interest rate of 0.1%.

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