Suncheon City Promotes Financial Support for Small Businesses to Revitalize Local Economy

Support with up to 30 million KRW per company, interest within 3% for 2 years

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City (Mayor Heo Seok) announced on the 22nd that it will promote the ‘Suncheon City Small Business Financial Support’ to stabilize the management of small business owners facing economic difficulties due to the prolonged COVID-19 pandemic and to revitalize the local economy.

The small business financial support project targets small business owners who have registered their business and address in Suncheon City and have been operating their business continuously for more than one year. It provides credit guarantees and interest support.

To implement the project, Suncheon City signed agreements with the Jeonnam Credit Guarantee Foundation and seven banks (NongHyup Bank, Gwangju Bank, KEB Hana Bank, KB Kookmin Bank, Woori Bank, Shinhan Bank, Suncheon Credit Union) to mutually cooperate in loan screening and loan execution tasks.

This year’s support scale is 15 billion KRW in loan funds, with a maximum loan execution of 30 million KRW per company. The city will support interest rates of 1.9% to 3% for 2 to 4 years to financial institutions.

Applications for the project will be accepted starting from the 25th, and applicants can apply by visiting the Jeonnam Credit Guarantee Foundation Suncheon Branch (109 Hyangmae-ro, Haeryong-myeon, Jeonnam Shinbo Building).

A Suncheon City official stated, “We hope this will practically help stabilize the management of local small business owners who are struggling due to the prolonged economic downturn caused by COVID-19 by reducing their financial burden.”