Ulsan City Provides Additional 15 Billion KRW for Small Business Management Stabilization Fund... Total 144 Billion KRW

Published 21 Apr.2022 10:35(KST)

Updated 10 Aug.2025 11:25(KST)

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Ulsan City will provide additional "Small Business Management Stabilization Funds" to support local small business owners facing financial difficulties due to the prolonged COVID-19 pandemic.

Following the approval of the first supplementary budget on March 24, the city secured an additional 15 billion KRW for the Small Business Management Stabilization Fund and will begin online first-come, first-served applications starting at 9 a.m. on the 27th.

This year, combining the additional 15 billion KRW with the 30 billion KRW provided in January and the 25 billion KRW scheduled for September, a record total of 70 billion KRW will be supplied.

Applications are accepted online, and for small business owners lacking collateral, the "Small Business Fund Interest Rate Cap System" will continue, applying an appropriate interest rate (within 3.45%) on loans from financial institutions with full collateral guarantees from the Credit Guarantee Foundation.

The support amount is capped at 60 million KRW per business, with repayment options including a 2-year grace period with lump-sum repayment, a 1-year grace period with 2-year installment repayment, or a 2-year grace period with 2-year installment repayment.

The city will subsidize part of the loan interest ranging from 1.2% to 2.5% to ease the cash flow constraints of small business owners.

Eligible applicants are small business owners with business locations in Ulsan City. Businesses currently receiving management stabilization funds from the city, district, or county as of the application date, as well as those in finance and insurance, luxury consumption, or speculative industries, are excluded from support.

Detailed information regarding the application process for management stabilization funds can be found on the websites of Ulsan City, Ulsan Economic Promotion Agency, and Ulsan Credit Guarantee Foundation. Applications can also be submitted through the Ulsan Credit Guarantee Foundation website.

A city official stated, "We will work together to be a support pillar for local small business owners to overcome the crisis and to serve as a foundation for revitalizing the local economy."

In 2022, the total Small Business Management Stabilization Funds supported by Ulsan City and its districts/counties amount to 144 billion KRW, distributed as follows: ▲Ulsan City 70 billion KRW ▲Jung-gu 10 billion KRW ▲Nam-gu 30 billion KRW ▲Dong-gu 4 billion KRW ▲Buk-gu 10 billion KRW ▲Ulju-gun 20 billion KRW.