Gyeonggi-do to Allocate 20 Billion Won... Support for 'Chuseok Special Management Funds'

Up to 200 Million KRW per Small Business with 1-Year Maturity Repayment
100 Billion KRW Allocated as Preliminary Funds to Support Youth Enterprises

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province has launched a fund injection totaling 20 billion KRW to support the business stability of small and medium-sized enterprises (SMEs) in the province ahead of the Chuseok holiday.

The province announced on the 7th that it will operate and support the "2021 Chuseok Special Business Fund" starting from the 8th, targeting companies affected by COVID-19.

According to Article 2 of the Framework Act on Small and Medium Enterprises, the loan conditions are up to 200 million KRW per SME in the province, with a one-year maturity repayment period. The loan interest rate is 1% lower than the bank rate through Gyeonggi Province's interest subsidy support.

This support is provided separately regardless of existing working capital support, and the operation period is from the 8th until December 31. However, support will end early if the 20 billion KRW fund is exhausted.

Additionally, to expand support for youth innovative startup companies, a reserve fund of 10 billion KRW will be immediately allocated for support.

Local small business owners and SMEs can apply online through the 25 branches of the Gyeonggi Credit Guarantee Foundation and the Gyeonggi Province SME Development Fund website.

Kim Do-hyung, Director of Regional Finance, said, "Since SMEs in the province are facing even greater difficulties due to COVID-19, we will do our best to stabilize the economy through continuous monitoring."

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