Gyeongnam Province Releases 1 Trillion Won in SME Development Funds... Largest Scale in the 7th Elected Term

New Support Established for Shipbuilding and Youth Startups
Employment Retention Subsidies Allocated Again This Year

On the 16th, officials are releasing Chuseok funds to be supplied to commercial banks at the Bank of Korea Gangnam Headquarters in Yeoksam-dong, Gangnam-gu, Seoul. / Photo by Joint Press Corps

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongsangnam-do announced on the 3rd that it will provide 1 trillion won worth of the ‘2022 Small and Medium Business Development Fund.’

The development fund was established to alleviate financial difficulties of small and medium-sized enterprises (SMEs) in the province and to promote management stability and facility investment.

The support amount is an 81% increase compared to 550 billion won in 2018. The funds are divided into three types: 430 billion won for management stabilization, 420 billion won for facility equipment, and 150 billion won for special funds.

This year, support for the shipbuilding industry and youth startups, which require policy encouragement, has been newly introduced. In addition, employment retention support funds in preparation for the prolonged COVID-19 pandemic have been allocated again this year.

All SMEs in the province, except those in industries that promote consumption or speculation, can apply. The funds target interest on loans for operating expenses and facility investment.

For more details, refer to the ‘2022 Gyeongsangnam-do Small and Medium Business Development Fund Support Plan’ on the Gyeongnam Province and Gyeongsangnam-do Economic Promotion Agency websites.

Kim Hee-yong, Director of the Job Economy Bureau, said, “We have expanded the small and medium business development fund to 1 trillion won to support the economic recovery in the province. We hope that this fund support, which includes various special funds and supports all industries, will lead to employment retention and facility investment, contributing to the revitalization of the regional economy.”

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