Gangwon-do, Up to 50 Million Won Loan for New Startup Businesses

October 20 to December 31 'New Hope Partner Fund' Application
For Startups and Small Businesses Established Within 2 Years from Guarantee Application Date

Gangwon Provincial Government

[Asia Economy Reporter La Young-cheol] Gangwon Province is providing 'Startup Emergency Funds (hereinafter referred to as New Hope Partner Funds)' to newly established small and medium-sized enterprises (SMEs) and small business owners.

According to the province on the 18th, the total loan scale of the 'New Hope Partner Funds' is 35 billion KRW. From the 20th until the end of December, SMEs and small business owners within the province who have started their business within the last two years based on the guarantee application date can apply. Each company can receive a loan of up to 50 million KRW and a 2% interest subsidy for two years.

The fund support is provided through commercial banks (NongHyup, Shinhan, Kookmin, Woori, Hana, and IBK) after a separate credit evaluation and issuance of a guarantee certificate by the Gangwon Credit Guarantee Foundation, and early repayment fees are waived.

However, companies that have received employment creation and retention funds (3·3·3 funds), this year's business stabilization funds, or are subject to re-guarantee restrictions are excluded from the support.

According to Statistics Korea data, the number of startup companies in the Gangwon region was 35,468 in 2019, increased to 41,330 last year, and is 38,080 this year, showing growth compared to the pre-COVID-19 pandemic period.

Jeon Gil-tak, Director of the Economic Promotion Bureau, said, "We hope that the 'New Hope Partner Fund Support' project will help stabilize business management for SMEs and small business owners who started their businesses amid the '3 Highs' economic conditions."

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