"Revitalize the Local Economy"... Changwon Special City Expands Small Business Support Fund by 20 Billion KRW

Changwon Special City in Gyeongnam will provide 20 billion KRW in small business development funds in the second half of the year to revitalize and boost the local economy.

Changwon Special City Hall.

The city announced that, in response to the closure of Lotte Department Store Masan Branch at the end of June, the resulting downturn in local commercial districts, and high interest rates, it will expand and provide the scale of small business development funds to 20 billion KRW in the second half of the year to support struggling small business owners.

Through this support, each business can receive up to 50 million KRW in loans for business operations or start-up funds. The city will subsidize the annual interest rate of 2.5% for one year.

Operating funds are provided to small businesses that have been in operation for more than six months after business registration, while start-up funds are available to those operating for less than six months. Repayment options include a lump-sum payment at the end of one year or installment payments over four years after a one-year grace period.

Applications will be accepted in two rounds, starting at 9 a.m. on the 17th and 19th. Applicants must first apply for a guarantee consultation through the reservation system on the Gyeongnam Credit Guarantee Foundation website. After receiving a guarantee certificate upon review, they can obtain a loan at one of the partner financial institutions in the city (Gyeongnam Bank, Nonghyup, Hana Bank, Shinhan Bank, IBK, Woori Bank, KB Kookmin Bank, Busan Bank).

Changwon Special City Mayor Hong Nam-pyo said, "I hope this support will help small business owners who are struggling due to the closure of Lotte Department Store Masan Branch and the resulting downturn in the local economy," adding, "We will continue to do our utmost to develop and implement support measures for small businesses in the future."

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