Pocheon City Provides '10 Billion KRW Scale' Loan Support for SME Development Funds This Year

Pocheon City, Gyeonggi Province (Mayor Baek Young-hyun) announced on the 21st that it will provide 10 billion KRW in support funds this year to alleviate the management difficulties of small and medium-sized manufacturing enterprises in the city.

Pocheon City will provide 10 billion KRW in loan support for small and medium-sized enterprise development funds this year. The photo shows the exterior of Pocheon Business Center. Photo by Pocheon City

The Small and Medium Enterprise Development Fund Loan Support Project is a system where the city compensates part of the loan interest for small and medium enterprises that have borrowed from affiliated financial institutions. The loan period is three years.

This year’s development fund support has increased by 4 billion KRW compared to last year. It supports up to 200 million KRW per company for small and medium enterprises with their main office and factory located in Pocheon City.

In particular, to support small and medium enterprises facing financial difficulties and to stimulate the local economy, the city plans to temporarily increase the basic interest differential compensation rate by 2% this year, raising the total support from 3.5% to 4.5%.

Applications will be accepted from the announcement date on the 21st until the funds are exhausted. Interested companies can visit any of the nine affiliated banks in the city to check the support conditions and apply.

Mayor Baek Young-hyun of Pocheon said, “I hope this development fund loan support will provide practical help to local small and medium enterprises enduring difficult times due to worsening external conditions and the continued high exchange rate trend. We will continue to promote corporate support policies and strive to discover new policies to create a ‘business-friendly city.’”

Meanwhile, since August last year, Pocheon City has expanded the target of the ‘Special Guarantee Support Project for Small and Medium Enterprises’ to include non-manufacturing industries, and this year plans to increase the contribution funds to support a total of about 8 billion KRW. For detailed information and applications regarding the project, please contact the Gyeonggi Credit Guarantee Foundation Pocheon Branch.

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