Suwon City Partners with Banks and Guarantee Institutions to Support SMEs with 300 Billion KRW... Up to 500 Million KRW per Company

Suwon City Hall

The city of Suwon in Gyeonggi Province will provide up to 500 million KRW per company to small and medium-sized enterprises (SMEs) within its jurisdiction.

On the 23rd, Suwon City announced the launch of the "2023 Suwon City SME Accompaniment Support Project," which lowers loan interest rates for local SMEs in cooperation with banks and guarantee institutions, and additionally supports an interest rate of 2% and a guarantee fee rate of up to 1.2% per annum.

The total loan amount is 300 billion KRW over three years, with a maximum loan amount of 500 million KRW per company. The project will operate until funds are exhausted.

Support can be received for one year and extended up to three years. Eligible applicants are SMEs whose headquarters or business sites are located in Suwon City.

However, companies in the following categories are excluded from support: ▲unsound industries, luxury and entertainment businesses, etc.; ▲companies unable to engage in credit transactions (including guarantees) with financial institutions; ▲companies currently receiving Suwon City SME development funds as of the application date; ▲companies with outstanding national or local taxes as of the application date; ▲companies that apply fraudulently or use loan funds for purposes other than operating capital.

Additionally, if a company that received support subsequently suspends or closes operations, relocates to another city or province, or is confirmed to be located outside the area, the support funds will be reclaimed.

Companies wishing to apply should submit the application form along with the required documents to any branch of IBK Industrial Bank of Korea. For more details, please visit the city hall website.

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