Hapcheon-gun Opens Applications for Small Business Development Fund Loans This Year

Promoting Regional Economic Revitalization

Hapcheon County Office, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hapcheon-gun, Gyeongnam Province, will accept applications for the '2023 1st Quarter Small and Medium Business and Small Merchant Development Fund' loan support from February 2 to 27 next year.

The loan scale for the 1st quarter is a total of 3.4 billion KRW, consisting of 1.4 billion KRW for the Small and Medium Business Development Fund and 2 billion KRW for the Small Merchant Development Fund. This fund was established to alleviate financial difficulties of local small and medium businesses and small merchants suffering from the prolonged economic downturn and to promote regional economic revitalization.

The support targets are small and medium businesses and small merchants with business locations in Hapcheon-gun. However, industries such as finance, insurance, pubs, golf courses, gambling, luxury, entertainment, and speculative businesses are excluded.

The loan limits are ▲ 500 million KRW for small and medium businesses ▲ 50 million KRW for small merchants, and support is provided through an interest subsidy method that covers 3% interest on the loan for five years. The repayment condition is a 2-year grace period followed by 3 years of equal installments.

Applications can be submitted by visiting local financial institutions that have signed loan agreements (NH Nonghyup Bank Hapcheon Branch, Gyeongnam Bank Hapcheon Branch, Gangyang Saemaeul Geumgo, Hapcheon Credit Union, Hapcheon Livestock Cooperative, Hapcheon County Forestry Cooperative, Gaya Nonghyup, Hapcheon Dongbu Nonghyup, Hapcheon Ho Nonghyup, Hapcheon Sae Nambu Nonghyup, Yulgok Nonghyup).

Moon Dong-gu, Director of the Economic and Transportation Department, said, "It is expected to provide practical help for the management stability and financial difficulties of local small and medium businesses and small merchants who are facing difficulties due to recent continuous interest rate hikes and inflation."