Jeonbuk Province Establishes 'Regional New Industry Development Facility Fund'... Applications Open Until 20th

Up to 1 Billion KRW Limit, 5% Interest Rate with 2.18% Secondary Interest Subsidy Support

Jeonbuk Province will start accepting applications for regional new industry development and support funds to alleviate the financial burden on small and medium-sized enterprises (SMEs) from the 14th.

According to the province on the 13th, the regional new industry development and support fund, launched for the first time this year, was established to foster regional new industry companies with high growth potential and competitiveness within the province and to revitalize the local economy.

Jeonbuk Provincial Government Office building. [Photo by Jeonbuk Province]

The total support amount for this year is 50 billion KRW, and applications will be accepted quarterly. The first quarter allocation is 20 billion KRW. The loan support limit is up to 1 billion KRW per company for facility investment (3-year grace period, 5-year repayment), with an interest rate of 5%. The province subsidizes 2.18%, and companies bear 2.82% of the interest.

Eligible applicants are SMEs engaged in secondary batteries, red bio, future mobility, defense industry, robotics, knowledge industry, and video industry. Detailed information can be found on the province’s or the Gyeongjinwon website under the 2024 SME Development Fund Loan Support Plan announcement.

Applications can be submitted from the 14th to the 20th, on weekdays from 9 a.m. to 4 p.m. Applications are only accepted online through the "Jeonbuk Special Self-Governing Province SME Development Fund Integrated Management System," and on-site submissions are not accepted.

Only registered members on the website can apply online, so companies wishing to apply for the funds need to complete membership registration in advance to prepare.

For further inquiries, contact the province’s Corporate Difficulty Resolution Support Team or the Economic and Trade Promotion Agency’s Fund Support Team for guidance.

Kim Hee-ok, head of the Corporate Difficulty Resolution Support Team, said, "We hope that SMEs facing financial liquidity difficulties due to the ongoing economic slowdown and complex crises will have their financial burdens eased through the SME development funds," adding, "We will strive to discover various support policies to revitalize the regional new industries."

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