Jinju City to Provide 21 Billion Won in Support Funds for Small Business Development in the Second Half of the Year... Up to 50 Million Won

Support for Small Business Loans with Credit and Collateral Provided by Financial Institutions Themselves

A view of Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, announced on the 5th that it will additionally operate 21 billion KRW in small business development funds to support small business owners struggling due to the novel coronavirus infection (COVID-19).

Jinju City proceeded with an agreement with financial institutions for credit and secured loans for small business development funds after the 24 billion KRW in guaranteed loans through the Gyeongnam Credit Guarantee Foundation in the first and second half of the year were exhausted early, following the revision of related ordinances.

The support targets are small business owners in manufacturing, construction, transportation, and mining with fewer than 10 employees, and those in food and service industries with fewer than 5 employees. Depending on credit rating, loans of up to 50 million KRW can be obtained, and interest of 2.5% per annum will be supported for two years on the loan amount.

Small business owners wishing to apply for secured or credit loans should first consult with the handling financial institution regarding loan limits and interest rates, then submit documents to the Jinju City Job and Economy Division to apply.

The handling financial institutions include BNK Gyeongnam Bank, NH Nonghyup Bank, KB Kookmin Bank, Woori Bank, IBK Industrial Bank, Hana Bank, 15 Saemaeul Geumgo branches within the city, as well as Nambu Nonghyup, Sugok Nonghyup, and Seobu Nonghyup.

Mayor Jo Gyu-il said, “We are working day and night to prepare support measures for small business owners going through difficult times,” and added, “We hope this small business development fund support will help alleviate their management burdens.”