Hampyeong County Launches Interest Subsidy Program for Small Business Loans

Hampyeong County Office building.

Hampyeong County in South Jeolla Province is implementing an interest subsidy program for loans to support the management stability of local small business owners struggling with the economic downturn and high interest rates.

On March 11, Hampyeong County announced that it will launch the "2026 Hampyeong County Small Business Loan Interest Subsidy Program" from March 24 to promote the management stability of local small business owners.

This program supports small business owners by providing loans through credit guarantees and subsidizing part of the interest, aiming to alleviate funding difficulties and help them run their businesses stably.

The county plans to ease the repayment burden for small business owners by subsidizing 3.0% out of a maximum 5.1% interest rate on loans (up to 30 million won), for up to 2 years, with a 3-year deferred repayment condition.

Eligible applicants are small business owners who have been operating an actual business in Hampyeong County for at least one year. According to the review criteria, new businesses will be given first priority, while businesses that have passed more than one year after full repayment will be given second priority.

Applications will be accepted on a first-come, first-served basis at the Legal Counseling Office of the Civil Service Department at Hampyeong County Office starting March 24. On the day of application, credit checks and loan eligibility consultations will be conducted in cooperation with the Naju Branch of Jeonnam Credit Guarantee Foundation.

Loans will be executed through eight affiliated financial institutions after applicants receive a guarantee certificate from the Jeonnam Credit Guarantee Foundation: NH Nonghyup Bank Hampyeong Branch, Kwangju Bank Hampyeong Branch, Yeonggwang Hampyeong Credit Union, Cheonji Agricultural Cooperative, Hampyeong Cheonji Saemaeul Geumgo, Nabigol Agricultural Cooperative, Hampyeong County Forestry Cooperative, and Sonbul Agricultural Cooperative.

Prior to the program’s implementation, the county signed a financial business agreement with the Jeonnam Credit Guarantee Foundation and eight local financial institutions, agreeing to promote a special guarantee worth a total of 1 billion won and an interest subsidy program for local small business owners.

A Hampyeong County official stated, "We hope this small business loan interest subsidy program will provide substantial help to local small business owners suffering from funding difficulties," and added, "We will continue to promote various support policies to vitalize the local economy and strengthen the competitiveness of small businesses in Hampyeong County."

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