Gyeongnam Province Provides Development Funds to SMEs Affected by Middle East Conflict

Gyeongsangnam-do is accepting applications for its "Second Quarter SME Development Fund" to support small and medium-sized enterprises (SMEs) in the province facing difficulties due to rising oil prices and logistics disruptions caused by the Middle East conflict.

The support scale includes 200 billion won in management stabilization funds, which covers both general and refinancing funds, and 80 billion won in facility funds for construction, leasing, and purchases.

Each company can receive interest subsidies ranging from 0.75% up to a maximum of 2.1%.

Gyeongnam Provincial Government Office.
Photo by Se-ryung Lee

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To be eligible for management stabilization funds, companies must have both their business site and headquarters located in Gyeongnam.

For facility funds, eligible applicants are SMEs with a business site in Gyeongnam or those planning to establish one, and the use of the funds must be within the province.

The application period runs for three days, from April 21 to April 23.

The province will review the applications and notify the selected companies and the handling banks of the results in May.

Details regarding required documents and application criteria can be found in the announcements posted on the "Notices & Announcements" section of the Gyeongnam provincial website, or on the "Notices" section of the SME Development Fund Support website.

For further information, applicants may contact the Economic Enterprises Division of Gyeongnam Province or the Gyeongnam Investment and Economy Promotion Agency for guidance.

The province stated that it has prepared this development fund to promptly supply capital, alleviate SMEs' financial burdens such as funding shortages, and support management stability and facility investment revitalization.

Kim Insu, Director General of Economic and Trade Affairs for the province, stated, "We hope this funding support will provide practical help for the management stability and crisis recovery of SMEs in the province," adding, "We will continue to expand policy support to proactively respond to changing external environments in the future."

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