Small and Medium Enterprises 'Breathe Easier'... Daegu City Provides Additional 500 Billion KRW in Business Stabilization Funds
Partial Support for Secondary Loan Interest (1.3~2.2%) for One Year
[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Daegu City announced on the 22nd that it will provide an additional 500 billion KRW to the Small and Medium Enterprise (SME) Management Stabilization Fund, increasing the original 1 trillion KRW, to help local small and medium-sized enterprises and small business owners secure liquidity amid financial difficulties caused by the prolonged COVID-19 pandemic.
The city is supporting a 1 trillion KRW scale (695 billion KRW in the first half, 305 billion KRW in the second half) Management Stabilization Fund so that local SMEs and small business owners can receive low-interest loans for working capital necessary for business management. Depending on the loan amount and preferential status, part of the loan interest (1.3~2.2%) is supported for one year.
Due to the prolonged COVID-19 pandemic, the demand for funds from SMEs and small business owners experiencing business difficulties continues to increase. As of the 18th, the number of supported cases increased by about 53% and the amount of support increased by about 75% compared to the same period last year.
In particular, the demand for funds has rapidly increased for general start-up funds and growth enterprise support funds, leading to faster depletion of funds, and the demand for funds is expected to continue for the time being.
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Kwon Young-jin, Mayor of Daegu, said, “As Omicron infections are rapidly spreading, we hope that the expanded support scale to prepare for the depletion of business stabilization funds will help local SMEs and small business owners secure liquidity.” He added, “We will continue to prepare various support measures to help business owners recover their management through financial support.”
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