Breathing New Life into Small and Medium Enterprises... Gumi City Provides 42.7 Billion Won in Loan Support

At the Beginning of the Year, 158 Companies Receive Management and Facility Funds

Gumi City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Gumi City, Gyeongbuk Province, provided financial support worth 42.7 billion KRW to small and medium-sized enterprises (SMEs) in the area in celebration of the Lunar New Year.

This support was initiated to quickly alleviate the financial difficulties of SMEs caused by the prolonged COVID-19 pandemic and worsening economic conditions.

Operating funds totaling 40.6 billion KRW were distributed to 153 companies. Facility funds, used for factory expansion, purchase of production equipment, and other facility investments, were provided to 5 companies amounting to 2.1 billion KRW.

This year, the support target was expanded from the original manufacturing sector to 11 industries, including 133 manufacturing companies (87%), 8 construction companies (5%), and other sectors such as transportation and trade.

Jang Se-yong, Mayor of Gumi, said, “By concentrating as much funding as possible at the beginning of the year when demand for funds is high, we aim to invigorate SME operations and hope this will lead to increased productivity and job creation.”

Gumi City has established the ‘2022 Comprehensive Plan for SME Financial Support’ and plans to provide a total of 202.2 billion KRW in management stabilization funds for SMEs.

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