4.93 Trillion KRW in Management Stabilization Funds Released for Ulsan SMEs and Small Business Owners

Ulsan City and 5 Districts Increase by 111 Billion KRW Compared to Last Year

323 Billion KRW for SMEs and 170 Billion KRW for Small Business Owners

This year, support funds amounting to 500 billion KRW are expected to be released to stabilize the management of small and medium-sized enterprises (SMEs) and small business owners in the Ulsan region.

On the 2nd, Ulsan City announced that, together with its five districts and counties, it will significantly expand the 2024 management stabilization fund loan scale to 493 billion KRW to assist SMEs and small business owners facing difficult business environments. This is an increase of 111 billion KRW compared to last year's 382 billion KRW.

The management stabilization fund is designed to support local SMEs and small business owners struggling under high interest rates and high inflation by subsidizing part of the loan interest from financial institutions (1.2% to 3% for SMEs, 1.2% to 2.5% for small business owners, varying by criteria).

The support scale by target is 323 billion KRW for SMEs and 170 billion KRW for small business owners. As part of the first quarter support schedule, in January, the Ulsan City small business fund (30 billion KRW) will be accepted on a first-come, first-served basis starting at 9 a.m. on January 19 through the Ulsan Credit Guarantee Foundation website.

Small and Medium-sized Enterprise Funding.

Small Business Funding.

The 120 billion KRW SME fund from Ulsan City will accept applications through the Ulsan Economic and Job Promotion Agency from the 22nd to the 26th. In February, applications will be accepted for 68 billion KRW SME funds from Jung-gu, Dong-gu, Buk-gu, and Ulju-gun, and 15 billion KRW small business fund from Ulju-gun. In March, applications will continue for the newly established 20 billion KRW SME facility fund from Ulsan City, 10 billion KRW SME fund from Nam-gu, and 30 billion KRW small business funds from Jung-gu, Nam-gu, Dong-gu, and Buk-gu.

In addition to expanding the scale of management stabilization funds this year, Ulsan City will significantly raise the loan limits per company (SMEs from 400 million KRW to 500 million KRW, small business owners from 60 million KRW to 80 million KRW). Also, to ensure timely supply of funds, the number of applications for Ulsan City SME and small business funds will be increased by one time each.

The SME fund will newly establish a ‘facility fund’ for factory establishment and machinery purchase necessary for management support, aiming to expand facility investment within the region.

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