Ulsan City to Provide 50 Billion KRW in Support Funds for Small and Medium Enterprises!
Up to 500 million KRW per company, applications accepted from 17th to 21st
Support for business stability and revitalization of the local economy
Ulsan City will provide the “2024 3rd Small and Medium Enterprise (SME) Development Fund” totaling 50 billion KRW to support the management stability of SMEs and to boost the local economy.
This third round of funding will support not only facility investment, but also funds required for research and development to enhance competitiveness, as well as working capital needed for business operations. Eligible recipients are SMEs with business locations in Ulsan.
The support includes loans of up to 500 million KRW per company, with a repayment period of 2 to 4 years. A portion of the interest on loans from financial institutions (interest subsidy of 1.2% to 3.0%) will be provided.
The partner financial institutions are 12 banks: Kyongnam Bank, Kookmin Bank, Industrial Bank of Korea, Nonghyup Bank, Daegu Bank, Busan Bank, Korea Development Bank, Shinhan Bank, Woori Bank, Hana Bank, Export-Import Bank of Korea, and Saemaeul Geumgo.
Applications for support can be submitted in person at the Ulsan Economic and Job Promotion Agency from the 17th to the 21st. Detailed explanations and application forms for the development fund support are available in the announcement “2024 Ulsan City 3rd SME Development Fund Support Plan” on the Ulsan City website.
A city official stated, “We hope that the provision of this development fund will provide practical assistance to local SMEs struggling with liquidity issues,” and added, “We will continue our efforts to make Ulsan a business-friendly city by supporting SME financing and more.”
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As of May this year, Ulsan City has provided a total of 129.1 billion KRW in funding to 432 SMEs (111.3 billion KRW in management stabilization funds to 408 companies and 17.8 billion KRW in facility funds to 24 companies).
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