Gimhae City to Invest 40 Billion Won in Small Business Support Funds This Year

50 Billion KRW Increase from Last Year... Guarantee Consultation Appointment on the 3rd of Next Month

[Asia Economy Yeongnam Reporting Headquarters Reporter Son Tae-seok] Gimhae City, Gyeongnam Province, will increase the small business development fund to 40 billion KRW this year, up 5 billion KRW from last year.

The city announced on the 22nd that it will provide a total of 40 billion KRW, with 16 billion KRW in the first quarter and 8 billion KRW each from the second to the fourth quarter.

The support target is small business owners registered in Gimhae City. They must have fewer than 5 regular employees. However, for mining, manufacturing, transportation, and construction industries, the condition is relaxed to fewer than 10 employees.

To apply for the first quarter, a guarantee consultation reservation must be made in advance on the Gyeongnam Credit Guarantee Foundation website starting from 9 a.m. on the 3rd of next month. Early application is advantageous as funds may be exhausted quickly.

The loan limit is 50 million KRW, with an annual interest subsidy of 2.5% over two years and support for 50% of the credit guarantee fee for the first year.

Detailed information can be found in the small business development fund announcement posted in the notice section on the city’s website. Inquiries can also be made to the city’s Regional Economy Division or the Gimhae branch of the Gyeongnam Credit Guarantee Foundation.