"Overcoming the Liquidity Crisis and Support Measures"... Gwangju Chamber of Commerce Holds CEO Council

The Gwangju Chamber of Commerce and Industry announced on March 11 that it held a “CEO Council for SMEs and Mid-Sized Companies” to strengthen financial support for local businesses, where participants discussed ways to overcome the current liquidity crisis and measures to support companies.

This council was organized to understand the financial conditions and management status of local SMEs and mid-sized companies that are struggling due to global instability and rapidly changing domestic and international economic environments, and to seek practical support measures.

The meeting was attended by over 30 people, including Youngjun Park, CEO of Geomedical Co., Ltd., as well as representatives of SMEs and mid-sized companies, Woojoo Cho, Head of the Gwangju Regional Headquarters of the Korea SMEs and Startups Agency, Jinjae Lee, Head of the Honam Regional Headquarters of Korea Development Bank, and Junghwa Cho, Head of the Gwangju-Jeonnam Regional Headquarters of the Export-Import Bank of Korea.

During the subsequent session on business and financial support, the Korea SMEs and Startups Agency explained “Innovation Startup Commercialization Funds,” “New Market Entry Support Funds and New Growth Base Funds,” and “Emergency Management Stabilization Funds and Re-Challenge Support Funds.” The agency particularly emphasized that, in consideration of increased economic volatility this year, it will ease the eligibility criteria for loans to sound companies to broaden the scope of support, and will also strengthen support for SMEs that are introducing AI into industrial sites.

In addition, Korea Development Bank introduced the National Growth Fund, a large-scale project totaling 150 trillion won created through public-private collaboration to support the entire advanced strategic industry ecosystem. The bank requested active interest and participation from companies, noting that it provides funds to support equipment investment and R&D for SMEs and technology companies at low interest rates in the 2-3% range, which is on par with government bond rates.

Furthermore, the Export-Import Bank of Korea explained that it is providing tailored financial support across all stages of exports and overseas expansion for SMEs and mid-sized companies. The bank highlighted that it not only supports technology development and facility investment to promote exports but also offers support tracks related to overseas expansion.

During the following discussion, participating companies expressed their difficulties due to decreased sales caused by prolonged economic downturn and increasing economic uncertainty, high exchange rates, and surging raw material prices. They stressed the urgent need for financial support to maintain operations and pursue new business initiatives.

An official from a company located in the Advanced Industrial Complex said, “This was a very valuable opportunity to gain a comprehensive understanding of various financial support systems and policy funds for SMEs and mid-sized companies. It was especially meaningful to be able to share perspectives on the management challenges companies are facing and discuss practical measures to address them.”

Hwaseok Chae, Executive Vice Chairman of the Gwangju Chamber of Commerce and Industry, stated, “Recently, companies are facing an even more challenging management environment due to growing economic uncertainty. We will work closely with relevant organizations to ensure that policy funds tailored to each company's situation are provided in a timely manner.”

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