Chungnam to Inject 5 Billion Won in Emergency Special Funds for SMEs Ahead of Chuseok

Up to 100 Million Won in Support Per Company
2% Interest Rate Subsidy to Alleviate Financial Difficulties

Chungnam Provincial Government Office Exterior View

Ahead of the Chuseok holiday, the Chungnam Provincial Government will provide an emergency special business stabilization fund totaling 5 billion won to ease the financial difficulties of small and medium-sized enterprises (SMEs) in the province.

Each company can receive up to 100 million won in loans, and the provincial government plans to significantly reduce the financial burden by subsidizing 2.0% of the agreed loan interest rate.

The province announced on the 22nd that it will accept applications for the "Chuseok Holiday Special Business Stabilization Fund" from SMEs in the province until October 2.

The support limit is up to 100 million won per company, and the loan period is structured as a lump-sum repayment after a two-year grace period.

The provincial government will cover 2.0% of the agreed loan interest rate between companies and financial institutions to reduce the burden on businesses.

Eligible companies are those currently using the province's policy fund for manufacturing business stabilization, whose agreed loan period has not yet expired.

However, companies are excluded if they fall under any of the following: those that have received support from the previous holiday special fund and have not yet passed one year since the end of interest support; those that have received technology innovation business stabilization funds; or those currently repaying the principal of the business stabilization fund.

Interested companies should consult with local banks, obtain a loan recommendation letter from the Chungnam Economy Promotion Agency's SME fund system, and then apply for a loan at the relevant bank.

An official from the provincial government stated, "The holiday special business stabilization fund is a policy that has been swiftly implemented every year to alleviate the management difficulties of SMEs," adding, "We will continue to expand policy fund support to further reduce the financial burden on businesses."

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