Sancheong-gun to Provide 10 Billion KRW Loan Support for SMEs and Small Business Owners in the Second Half of the Year

3.5% Secondary Interest Subsidy Support...Significantly Reducing Corporate Burden

Sancheong County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, will provide 10 billion KRW in support funds for small and medium-sized enterprises (SMEs) and small business owners in the second half of the year to stabilize their management amid difficulties caused by interest rate hikes.

The application period is from the 11th to the 15th of this month, or until the loan funds are exhausted.

The support targets are SMEs and small business owners with business sites in Sancheong-gun and with sales. Any business with repayment ability (collateral or credit from financial institutions) under bank credit regulations can apply.

The loan limit is up to 500 million KRW depending on the company's sales and capital size, with a repayment condition of a 2-year grace period followed by 3 years of equal installments.

In particular, 3.5% of the interest on the loan (interest subsidy) will be supported to reduce the interest burden on SMEs and small business owners caused by the recent rapid rise in interest rates.

Applications can be made at five financial institutions that have agreements with the county: NongHyup Bank Sancheong Branch, Gyeongnam Bank Sancheong Branch, Sancheong Saemaeul Geumgo, Industrial Bank of Korea Jinju Branch, and Sancheong Agricultural Cooperative.

The support funds are provided by the county after financial institutions receive applications from SMEs and small business owners, conduct loan screening and evaluation, and recommend candidates to Sancheong-gun. The county then makes the final decision on support recipients after reviewing eligibility.

A county official said, “We will strive to ensure that the interest subsidy support for companies facing management difficulties such as inflation, interest rate hikes, and sales decline is provided in a timely manner,” adding, “We will do our best to make the second half loan support a practical help to relieve the financial difficulties of small business owners.”