Yeongju City Provides Operating Funds to Small and Medium Enterprises Ahead of Chuseok

Applications Accepted Until September 6, 4% Loan Interest Supported for One Year

Yeongju City will accept applications for the 2024 Chuseok Small Business Operating Fund from August 26 to September 6, to support local small and medium-sized enterprises (SMEs) facing difficulties in securing funds for labor costs, raw materials, and other expenses ahead of the Chuseok holiday.

The Small Business Operating Fund is a program that provides partial support for loan interest to local SMEs experiencing temporary financial difficulties. This year, the city is recommending loans totaling 37.2 billion KRW to help stabilize business operations.

Eligible applicants are SMEs in the manufacturing, construction, transportation, tourism, and other sectors with business locations in Yeongju City. After a credit review by partner banks, companies can be recommended for loans of up to 300 million KRW per company (up to 500 million KRW for preferred companies), depending on their sales scale. The city will subsidize up to 4% of loan interest for one year.

Applications received during the application period will be reviewed and processed on a rolling basis, reducing the usual review period of over a week, to ensure that loans can be executed by September 17, before the Chuseok holiday.

For more details about the 2024 Small Business Operating Fund support program, please contact the Business Support Office at Yeongju City Hall.

Park Namseo, Mayor of Yeongju, said, "We hope that the prompt support of operating funds ahead of Chuseok will help ease the management burden on local SMEs suffering from financial difficulties due to rising prices, and contribute to revitalizing the local economy."

Yeongju City Provides Operating Funds for Small and Medium Enterprises in Preparation for Chuseok. (Photo by Jangsu Industrial Complex)

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