Busan City Provides 50 Billion KRW Policy Funds to Digital Companies ... Enhancing High Value-Added Service Industry and Fostering Digital New Businesses

Starting with NongHyup on the 22nd, six major commercial banks including Hana, Kookmin, Shinhan, Busan, and Woori

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City, together with six major commercial banks (Nonghyup, Hana, Kookmin, Shinhan, Busan, Woori) and the Busan Credit Guarantee Foundation, will provide 50 billion KRW in 'Busan Digital Enterprise Policy Funds.'

The program is scheduled to begin sequentially starting with Nonghyup on September 22.

This initiative is a follow-up measure to the 'Busan Digital Economy Innovation Strategy 2030' announced last January. Through 50 billion KRW in digital financial support, it aims to strengthen the digital competitiveness of the manufacturing sector and support the high value-added transformation of the service industry, thereby fostering the foundation for digital economic innovation.

The support targets representatives of companies located in Busan that utilize or possess smart technologies and knowledge service industry companies with a personal credit score of 595 points (grade 7) or higher. Depending on the representative's credit score, loans ranging from 30 million KRW to 50 million KRW can be obtained from the six commercial banks, with the city covering 1% of the interest. Repayment conditions include equal monthly principal repayments over five years or a one-year grace period followed by equal monthly principal repayments over four years, with no early repayment fees.

However, companies that have received new guarantees from the Credit Guarantee Foundation within the last three months, those with overdue payments, seizures, provisional seizures, personal rehabilitation, bankruptcy, companies restricted from re-guarantee by the Credit Guarantee Foundation Central Association, companies that are temporarily closed or closed, and companies simultaneously using guarantees from both the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation are not eligible to use these funds.

Lee Joon-seung, Director of the Digital Economy Innovation Office, stated, “We hope that the 50 billion KRW digital policy fund support will greatly assist small and medium-sized enterprises struggling in the digital transformation era.” He added, “The city will continue to provide unwavering support so that local companies can secure technological competitiveness and actively respond to the rapidly changing future industrial structure.”

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