Gangwon-do Provides 'Emergency Heating Cost Funds' for Small Business Owners and SMEs

Up to 5 Million Won Loan per Company, Full Interest and Guarantee Fees Covered for 6 Months

[Asia Economy Reporter La Young-cheol] Gangwon Province announced on the 22nd that it will provide emergency funding of 48.3 billion KRW to support heating cost surges for small business owners and small and medium-sized enterprises (SMEs) in the province who are struggling due to public utility fee increases.

Gangwon Provincial Government

Starting from today until the funds are exhausted, the province will offer loans of up to 5 million KRW per business to small business owners and SMEs residing in the province, with a loan repayment plan of a 6-month grace period followed by 1 year of installment payments.

Small business owners and SMEs wishing to apply for support can submit their applications at local branches of NH Nonghyup Bank and Shinhan Bank within the province. After undergoing a guarantee review by the Gangwon Credit Guarantee Foundation, they can receive the loan. Early repayment fees are waived, and the province will cover all interest and guarantee fees.

As electricity and gas fee increases have recently continued, causing more small business owners and SMEs to face management difficulties, the province has launched this tailored emergency funding support.

Choi Ki-yong, Director of the Gangwon Province Economic Bureau, said, "Amid the international economic slowdown and weakened consumer sentiment, we hope this emergency heating cost support will help small business owners and SMEs in the province who are facing difficulties."

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