Sancheong County to Support SMEs and Small Business Owners Affected by Extreme Heavy Rainfall

Expansion of Special Financial Support
with a 10 Billion KRW Fund

On August 18, Sancheong County in South Gyeongsang Province announced that it will expand its support fund to 10 billion KRW to assist small and medium-sized enterprises (SMEs) and small business owners affected by the extreme heavy rainfall in July.

The support will be provided through guaranteed loans (1.2 billion KRW) via the Gyeongnam Credit Guarantee Foundation and direct credit or collateral loans (8.8 billion KRW) from financial institutions, available from August 26 to September 10. Eligible applicants are SMEs or small business owners with sales and a main business location in Sancheong County.

View of Sancheong County Office.

In particular, any business owner with repayment ability under bank lending regulations, and who does not fall under the exclusion criteria for loan support, may apply. The maximum loan amount is 500 million KRW, determined by the company’s sales and capital, with a repayment plan of a two-year grace period followed by three years of equal installments.

Only small business owners are eligible to apply for guaranteed loans through the Gyeongnam Credit Guarantee Foundation. Applications can be made by reserving a consultation on the foundation’s website or by visiting in person starting August 26.

SMEs and small business owners seeking credit or collateral loans must consult with partner financial institutions regarding loan limits and interest rates before submitting their documents and applications.

All support may close early if the funds are exhausted before the deadline. However, if the guaranteed loan funds through the Gyeongnam Credit Guarantee Foundation are not depleted within the period, applications may be extended.

Selected recipients will receive a 3.5% interest subsidy for five years, which is expected to significantly ease their interest burden and help stabilize their business operations.

County Governor Lee Seunghwa stated, "I hope this support will provide practical assistance for the business stability of SMEs and small business owners affected by the extreme heavy rainfall," adding, "We will continue to do our best to support the resolution of management and financial difficulties in the future."

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