Miryang City Provides Additional 3 Billion Won in Loans for Small Business Management Stability

Maximum Loan Amount Set at 50 Million Won Per Business

Miryang City in South Gyeongsang Province announced on September 4 that, as the 12 billion won allocated this year for small business development funds has already been exhausted, it will provide an additional 3 billion won in loans to support the management stability of small business owners facing financial difficulties.

The support is available to small business owners in the region who have obtained a guarantee certificate from the Gyeongnam Credit Guarantee Foundation. However, those who have suspended or closed their businesses, as well as those engaged in finance, insurance, luxury, entertainment, or speculative industries, are excluded.

Miryang City Hall.

Small business owners wishing to apply for the loan must reserve a guarantee consultation on a first-come, first-served basis via the Gyeongnam Credit Guarantee Foundation website starting at 9 a.m. on September 24. After scheduling, applicants will undergo a guarantee review at the Miryang branch of the Gyeongnam Credit Guarantee Foundation, receive a guarantee certificate, and then execute the loan at one of the partner financial institutions (NH Nonghyup Bank, BNK Gyeongnam Bank, Woori Bank, KB Kookmin Bank, or Miryang City Forestry Cooperative).

The maximum loan amount is 50 million won per business, and further details can be found in the announcement on the city hall website.

Miryang City plans to reduce the financial burden on small business owners by providing not only loan support but also interest subsidies (annual interest rate of 2.5% for two years) and support for credit guarantee fees (covering 80% of one year’s fee).

An official from Miryang City stated, "We hope this additional loan support will provide practical help to small business owners struggling with financial difficulties," adding, "We will continue to actively develop customized support policies that reflect the voices from the field."

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