Sancheong-gun, Prolonged COVID-19... Financial Support Loans for Small Business Management Stability

KRW 15 Billion SME Growth Fund... Financial Institutions Accept Applications from the 17th

Geumse Agricultural and Industrial Complex Panorama

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, will provide 15 billion KRW in small and medium enterprise (SME) development funds in the first half of the year to stabilize the management of SMEs and small business owners struggling due to the prolonged COVID-19 pandemic.

According to the county on the 11th, the application period for this SME development fund is from the 17th until the loan amount is exhausted.

The support targets are SMEs or small business owners with business locations in Sancheong-gun. Anyone who has repayment ability (real estate or credit guarantee collateral) under bank credit regulations can apply.

The loan limit is up to 500 million KRW depending on the size of the company. The loan conditions are a 2-year grace period followed by 3 years of equal installments repayment.

In particular, 3.5% of the interest on the loan (interest subsidy) will be supported, reducing the actual interest burden on companies and small business owners.

Applications can be made at five financial institutions that have agreements with Sancheong-gun: NongHyup Bank Sancheong Branch, Gyeongnam Bank Sancheong Branch, Sancheong Saemaeul Geumgo, Industrial Bank of Korea Jinju Branch, and Sancheong-gun Agricultural Cooperative (head office and 14 township NongHyup branches).

For SME development fund support, companies apply to financial institutions, which then conduct loan screening and evaluation and recommend applicants to Sancheong-gun. Afterwards, Sancheong-gun makes the final decision on support recipients after reviewing eligibility.

A county official stated, “The management environment for SMEs and small business owners is more difficult than ever due to COVID-19,” adding, “We will do our best to provide practical help in alleviating the financial difficulties of small business owners through prompt loan support.”