Sacheon-si Launches Support for Small Business Development Funds This Year

Starting from the 30th, worth 8.4 billion KRW

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sacheon City, Gyeongnam Province, will provide 8.4 billion KRW worth of "2023 Small Business Promotion Funds" to alleviate financial difficulties and stabilize management for small business owners struggling due to the economic downturn and rising market interest rates.

According to the city, applications for small business promotion funds will be accepted from the 30th until funds are exhausted, targeting small business owners in the area who have received credit guarantees from the Gyeongnam Credit Guarantee Foundation.

However, as of the application date, businesses that are temporarily closed or shut down, those in the finance and insurance industries, or those involved in luxury consumption or speculative industries are excluded.

Sacheon City Hall, Gyeongnam.

The types of support include startup funds or management stabilization funds, with loans available up to 50 million KRW per business. The loan amount may vary depending on the guaranteed amount, sales, and business feasibility.

The city will support an interest rate of 2.5% per annum on the loan for one year.

Loan applications can be made by obtaining a guarantee certificate through a guarantee review at the Sacheon branch of the Gyeongnam Credit Guarantee Foundation, then borrowing funds from affiliated financial institutions. The affiliated financial institutions include NH Nonghyup Bank, BNK Gyeongnam Bank, Woori Bank, and KB Kookmin Bank.

For more details, please refer to the "Notices" section on the city’s website or contact the Sacheon branch of the Gyeongnam Credit Guarantee Foundation or the Small Business Team of the Regional Economy Division.

Mayor Park Dong-sik said, "We hope this support will help alleviate the financial difficulties and stabilize the management of small business owners," adding, "We will make every effort to revitalize the local economy and prepare policies that provide practical help to small business owners."