Busan City Expands Special Fund for Small Business Owners by 60 Billion Won with 2.5% Interest Subsidy Increase

Easing Financial Cost Burdens from High Interest Rates and Public Utility Fee Increases

Support Available from May 8 via Busan Bank and NongHyup Bank

Busan City is strengthening the interest subsidy benefits of the ‘Busan City Small Business Special Fund’ to alleviate the financial difficulties of small business owners facing management challenges due to high interest rates and increases in public utility charges.

Busan City Hall.

The ‘Busan City Small Business Special Fund’ is a policy fund that lends money to small business owners and supports part of the interest costs (interest subsidy) from the city to reduce their financial burden.

Last year, the city provided an interest subsidy of 0.8?1.7%, which was raised to 1.5?1.7% this year. However, due to the ongoing triple crisis of high inflation, high interest rates, and high exchange rates, as well as rising energy prices, the number of small business owners experiencing severe management difficulties such as business closures and credit crises has increased. Therefore, the interest subsidy support for the 60 billion KRW Small Business Special Fund will be expanded to 2.5%.

This expansion of the interest subsidy support was made possible by securing the budget through an emergency supplementary budget to revitalize Busan’s livelihood economy, along with Busan Bank and NongHyup Bank each contributing 2 billion KRW in guarantee funds to the Busan Credit Guarantee Foundation. Applications for this product can be made through the two banks and the Busan Credit Guarantee Foundation starting from the 8th.

Mayor Park Hyung-jun stated, “Through this expansion of interest subsidy support, I hope the economic burden on small business owners struggling with high interest rates and high inflation will be somewhat alleviated. We will continue to support the stabilization of small business management through policies that can be felt directly in the field.”

For more detailed information regarding financial support, inquiries can be made to the Busan Credit Guarantee Foundation.

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