Jinju-si, Gyeongnam, Releases 45 Billion Won for Small Business Support Fund

Jinju City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, will provide 45 billion KRW in support funds for small business owners this year.

On the 17th, Jinju City announced that it will support small business development funds totaling 45 billion KRW this year, with a maximum of 50 million KRW per business and an annual interest rate of 2.5% (for 2 years).

According to the detailed eligibility criteria, manufacturing, construction, transportation, and mining businesses must have fewer than 10 employees, while wholesale, retail, food service, and service industries must have fewer than 5 regular employees.

The support period and amount are 23 billion KRW in the first half and 22 billion KRW in the second half. Loans are provided through guaranteed loans by the Gyeongnam Credit Guarantee Foundation and financial institutions' own credit or collateral loans. Guaranteed loans from the Gyeongnam Credit Guarantee Foundation must be applied for starting on the 21st via the foundation's website or consultation.

Credit and collateral loans require prior consultation with the lending financial institution regarding loan limits and interest rates, followed by an application to the Job and Economy Division. Detailed information can be found in the 2022 First Half Small Business Development Fund Support Plan announcement on the city’s website under the public notices section.

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