Gwangju City Releases Support Funds for Small and Medium Enterprises in COVID-19 Affected Areas

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City (Mayor Lee Yong-seop) is providing additional funds to support local small and medium-sized enterprises (SMEs) struggling due to the spread of COVID-19 damage.

Gwangju City began accepting applications for SME structural advancement funds worth 30 billion KRW from January 29, but as the funds were exhausted early, on the 1st, it announced that it would provide an additional 10 billion KRW in structural advancement funds reflecting the demand from COVID-19 affected companies.

The support targets SMEs with business locations in Gwangju, including manufacturers with a manufacturing employment rate of 30% or more and manufacturing-related service companies.

The support limit is 1 billion KRW for facility funds (3 years grace period, 5 years equal repayment) and 300 million KRW for working capital (1 year grace period, 2 years equal repayment).

Applications are accepted from the 8th until funds are exhausted.

SMEs wishing to receive support can apply online through the Economic Employment Promotion Agency website, then submit documents such as the loan application form, business plan, and recent financial statements in person at the Economic Employment Promotion Agency.