Gyeongnam Province Supports Management Stability of Social Economy Enterprises

Implementation of the 'Social Economy Fund Loan Project'

Gyeongsangnam-do Provincial Government.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongsangnam-do announced on the 27th that it will implement the 'Social Economy Fund Loan Project' to support the management stability of social economy enterprises.

The support targets are (preliminary) social enterprises, social cooperatives, village enterprises, and self-sufficiency enterprises located within the province. A total of 3.15 billion KRW will be provided for operating funds such as employee wages and raw material purchases, as well as facility funds for equipment purchases.

The loan limit is up to 80 million KRW for unsecured loans and up to 300 million KRW for secured loans. The loan period is within 3 years, and repayment methods vary by product, including installment repayment and lump-sum repayment. The interest rates are fixed at 3% for unsecured loans and 2.6% to 3% for secured loans.

Interest support is also provided to reduce the interest burden on enterprises. By supporting 2.5% of the annual interest, the effective interest rate borne by enterprises is lowered to between 0.1% and 0.5%.

Loan applications can be made from the 27th at six regional credit unions within the province (Gyeongnam Jungang, Gyeongnam Mirae, Changwon Jeil, Jinju Jungang, Namhae, Tongyeong Bogum).

Yoo Jeong-je, head of the Gyeongsangnam-do Social Economy Promotion Team, said, "We hope this project will greatly help stabilize the management of social economy enterprises."

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