Jeonbuk Province Provides 60 Billion Won in Emergency Financial Support for Small Businesses

Applications Accepted from the 7th Until Funds Are Exhausted

Jeonbuk Special Self-Governing Province is implementing an emergency financial support package worth 60 billion KRW to reduce the financial burden on local small and medium-sized enterprises (SMEs) and help stabilize their management.

According to the province on the 3rd, the support package consists of 20 billion KRW for emergency refinancing funds and 40 billion KRW for extension of grace periods. Applications will be accepted from the 7th until the funds are exhausted.

Jeonbuk Provincial Government Office building. Provided by Jeonbuk Province.

The "Emergency Refinancing Fund" is a program that helps SMEs currently using high-interest loans to switch to low-interest policy funds. The repayment period is two years, and up to 300 million KRW per company is supported with a 2% interest subsidy.

The "SME Nurturing Fund Grace Period Extension Project" will also be promoted. For companies currently repaying principal or nearing repayment, the grace period will be extended by one year, and a 2-3% interest subsidy will be provided during the extension. As a result, companies can pay only interest for a certain period and then repay the principal and interest afterward.

The province expects that this support will ease the short-term repayment burden on companies and provide substantial help for management stability.

Applications for the emergency refinancing fund and grace period extension support project can be submitted online through the Jeonbuk SME Integrated Support System starting from the 7th. For more details, inquiries can be made to the Jeonbuk Economic and Trade Promotion Agency.

Kim Intae, Director of Corporate Attraction Support at Jeonbuk Province, said, "We hope that this financial support package will help local SMEs operate funds smoothly and achieve management stability," and added, "We will continue to actively support local companies through various policies so they can reduce their financial burden and achieve sustainable growth."

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