Smart Factory Construction Fund Loans Expanded to a Total of 500 Billion Won

Alleviating Financial Burden for Companies Participating in Smart Factories

The Smart Manufacturing Innovation Promotion Team (Director Ahn Kwang-hyun) affiliated with the Small and Medium Business Technology Information Promotion Agency (SMBA) announced on the 20th that, together with Hana Bank, it will significantly expand the loan amount exclusively for smart factory companies participating in the smart factory project. Hana Bank, the dedicated bank holding funds for the Ministry of SMEs and Startups' smart factory distribution and expansion project, will increase the exclusive loan funds for smart factory companies from 400 billion KRW to 500 billion KRW over three years.

This increase is expected to provide additional support to at least 40 companies. Companies participating in the smart factory project can receive facility and working capital loans of up to 4 billion KRW at a preferential interest rate 1.8 percentage points lower than that for general companies. Since August 2020 until June this year, a total of 523 companies have received loan support amounting to 384.2 billion KRW (619 cases) through the exclusive loan product for smart factory companies. This year alone, 75 companies have received loans totaling 54.9 billion KRW (95 cases).

Ahn Kwang-hyun, Director of the Smart Manufacturing Innovation Promotion Team, stated, "By participating in government policies at the private level and providing smart factory-related funds at low interest rates, we expect this to greatly help in timely supply of funds to promote manufacturing innovation and advancement, as well as alleviate the investment burden on companies."

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