3.82 Trillion Won in Business Stabilization Funds to Be Released in Ulsan Next Year

SMEs 243 Billion Won · Small Business Owners 139 Billion Won

Annual Schedule for Supply of Management Stabilization Funds for Small and Medium Enterprises.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Next year, 382 billion KRW of business stabilization funds will be provided to small and medium-sized enterprises (SMEs) and small business owners in the Ulsan area.

On the 28th, Ulsan City announced that, together with the five districts and counties, it has finalized the scale of business stabilization funds for SMEs and small business owners facing difficult business management environments and plans to provide support throughout the year.

The support targets 243 billion KRW for SMEs and 139 billion KRW for small business owners, an increase of about 4.5 billion KRW compared to last year.

The support covers part of the loan interest from financial institutions for SMEs and small business owners (1.2% to 3% for SMEs, 1.2% to 2.5% for small business owners, varying by criteria).

Ulsan City plans to help alleviate the funding crunch for local SMEs and small business owners who are struggling amid high interest rates and high inflation economic conditions.

300 billion KRW of small business funds will be accepted on a first-come, first-served basis starting at 9 a.m. on January 18 through the Ulsan Credit Guarantee Foundation website.

750 billion KRW of SME funds will be accepted from January 30 to February 3 through the Ulsan Economic Promotion Agency.

In February, 78 billion KRW of SME funds from the five districts and counties will be accepted, and in April, 24 billion KRW of small business funds from Jung-gu, Dong-gu, Buk-gu, and Ulju-gun will be accepted.

Detailed information regarding the application and acceptance of business stabilization funds can be found in the announcements on the websites of Ulsan City, Ulsan Economic Promotion Agency, and Ulsan Credit Guarantee Foundation.

Ulsan City is implementing the ‘1% borrower interest burden system’ for SME funds and the ‘interest rate cap system’ for small business funds to prevent loan interest benefits from being concentrated on borrowers with high credit ratings and to ease the interest burden on small business owners.

This year, when selecting companies for SME business stabilization funds, Ulsan City will also grant 4 preferential points to companies relocating to Ulsan and plans to expand the supply by 5 billion KRW each for technology and management innovation companies to foster startup companies.