'More Benefits for SMEs and Small Business Owners'... Gangwon-do Eases Criteria for '333 Fund' Support

Simultaneous Use of Credit Guarantee Fund and Technology Guarantee Fund
Companies with Rights Infringement Lifted Can Apply Immediately Without Grace Period

Gangwon-type Employment Social Responsibility System Job Creation Maintenance Fund Support Business Agreement Ceremony [Gangwon-do]

[Asia Economy Reporter Ra Young-cheol] To expand stable employment for the unemployed and support the financial difficulties of small and medium-sized enterprises (SMEs) and small business owners, Gangwon Province is easing the support criteria for the Gangwon-type Employment Social Responsibility System's 'Employment Creation and Maintenance Fund (333 Fund),' which it is prioritizing.

The 'Employment Creation and Maintenance Fund (333 Fund) Support Project' is a policy initiated by Gangwon Province in April, the first nationwide employment-linked loan and incentive support policy, which provides interest-free loans of 30 million KRW when SMEs and small business owners hire one full-time employee, and offers an incentive of 30% of the loan amount if employment is maintained for three years.

According to Gangwon Province on the 15th, the relaxed criteria for the '333 Fund' to be implemented on the 16th will allow companies that simultaneously use both the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation to participate, and companies whose rights infringements such as seizures have been lifted can apply immediately without a three-month grace period.

In addition to these two relaxation criteria, the 2022 minimum wage standards are also included. For loans applied for from January 1, 2022, applicants must reflect the 2022 minimum wage standard of 1,914,440 KRW.

Previously, the province had announced two changes to expand the scope of beneficiaries of the '333 Fund.'

Park Kwang-yong, Director of the Gangwon Province Economic Promotion Bureau, said, "Since the implementation of the '333 Fund' in April, the application amount has exceeded 110 billion KRW, attracting great interest from SMEs and small business owners in the province," and added, "We hope the '333 Fund' will be a strong support for job creation and business stability."

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