Chungnam Supports Small and Medium Enterprises with 'Special Business Stabilization Fund'

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will provide special management stabilization funds to small and medium-sized enterprises (SMEs) across the region before the Lunar New Year holiday.

The province announced on the 10th that applications for the special management stabilization funds will be accepted from the 11th to the 15th.

A total of 5 billion KRW will be provided as special management stabilization funds, with a maximum support amount of 100 million KRW per company. The loan terms include a 2-year grace period with lump-sum repayment, and the province plans to support 2 percentage points of the agreed loan interest rate between the company and the bank.

The support targets are companies that have received manufacturing management stabilization funds, a policy fund from the province, and whose loan period agreed with the financial institution has not yet expired.

However, companies that previously received special management stabilization funds for holidays (Lunar New Year or Chuseok) and whose interest support period has not passed one year after expiration are excluded from application.

Applications for the special management stabilization funds can be made through consultation with local banks and via the Chungnam Economic Promotion Agency’s SME fund system.

For more detailed information, please refer to the province’s official website.

Hwang Chim-hyun, head of the province’s Corporate Support Division, said, “Many manufacturing SMEs are in need of interest support due to high interest rates,” adding, “The province will continue to provide policy funds promptly and timely to help resolve the management difficulties of local manufacturing SMEs.”