Miryang City to Provide 7.2 Billion Won in Small Business Development Funds This Year... Up to 50 Million Won per Company

Miryang City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Miryang City in Gyeongnam Province will provide a loan support of 7.2 billion KRW in small business development funds to alleviate financial difficulties and stabilize management for small business owners.

The support targets small business owners within the jurisdiction who have received a credit guarantee certificate from the Gyeongnam Credit Guarantee Foundation. Those who are closed or suspended as of the application date, or engaged in finance and insurance industries, or industries promoting luxury consumption or speculation are excluded.

The development funds can be loaned up to 50 million KRW per business as startup funds or management stabilization funds.

Applications can be made until funds are exhausted by receiving a guarantee certificate after a guarantee review at the Gyeongnam Credit Guarantee Foundation, and then requesting a loan from affiliated financial institutions (NH Nonghyup Bank, BNK Gyeongnam Bank, Woori Bank, KB Kookmin Bank, Miryang City Forestry Cooperative).

The city supports an interest rate of 2.5% per annum to ease the repayment burden on small business owners, and from this year, the support period has been extended to two years.

Additionally, 80% of one year's worth of the credit guarantee issuance fee from the Gyeongnam Credit Guarantee Foundation will be supported. After paying the fee, applicants should submit the support application form to the Job and Economy Division at City Hall.

Mayor Park Il-ho said, “I hope the development funds will help small business owners who are struggling due to the prolonged COVID-19 pandemic to overcome financial difficulties and stabilize their management.”

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