Gimhae City Supports Small Business Development Funds... 45 Billion Won Scale

One-Year Extension of Interest Subsidy for This Year's Repayment Maturity

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gimhae City, Gyeongnam Province, is providing 45 billion KRW in support funds for small business owners.

The city is supporting 25 billion KRW in the first half and 20 billion KRW in the second half to help small business owners struggling due to the prolonged COVID-19 pandemic, with the first half support starting from the 18th.

Support is provided up to a maximum of 50 million KRW per business with repayment terms of 2 to 5 years.

If a business receives a loan recommendation from the city or obtains a guarantee certificate from the Credit Guarantee Foundation, they can take out a loan from financial institutions partnered with the city, and the city will subsidize part of the loan interest.

The interest differential compensation rate is 2.5%, and for businesses designated as Good Price Stores or those offering discounts to groups of 10 or more customers at the time of application, support is provided up to 3%.

Additionally, about 500 borrowers who took out loans in 2019 and whose repayment is due this year will receive a one-year extension of interest differential compensation.

Furthermore, temporary support will also be provided to landlords participating in the Good Landlord Movement.

Applications can be made at the City Hall Regional Economy Division or through the Gyeongnam Credit Guarantee Foundation Gimhae Branch website.

Mayor Heo Seong-gon said, “We have done our best to timely alleviate the financial difficulties faced by local small business owners, the foundation of the grassroots economy, to help them recover from the severe hardships they are experiencing.”