Jinju City to Provide 45 Billion Won in Small Business Development Funds This Year

Up to 50 Million KRW, 2.5% Interest Support for 2 Years

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, will provide 45 billion KRW worth of '2023 Small Business Promotion Funds' starting from the 13th.

The Jinju City Small Business Promotion Fund supports small business owners by offering loans up to 50 million KRW with an annual interest rate of 2.5% for two years to help with financing and stabilize startup and management.

The support targets small business owners with workplaces in the jurisdiction. For manufacturing, construction, transportation, and mining industries, businesses with fewer than 10 employees qualify, and for wholesale, retail, food, and service industries, businesses with fewer than 5 regular employees qualify, provided they meet the small business criteria.

Jinju City Hall, Gyeongnam.

The total fund size is 45 billion KRW, with 23 billion KRW allocated in the first half and 22 billion KRW in the second half. There are two loan methods: guaranteed loans through the Gyeongnam Credit Guarantee Foundation and credit or secured loans through financial institutions.

Those wishing to proceed with guaranteed loans through the Gyeongnam Credit Guarantee Foundation can make a reservation or visit the Gyeongnam Credit Guarantee Foundation website starting from the 13th to schedule a consultation, and the program will close once funds are exhausted.

Small business owners who want to apply for credit or secured loans should first consult with the handling financial institution regarding loan limits and interest rates, then submit documents to the Jinju City Job and Economy Division to apply. This will also close once funds are exhausted.

A city official stated, "To reduce the burden on small business owners struggling due to the economic downturn, we plan to amend the ordinance to raise the interest support rate from 2.5% to 3% annually," adding, "The revised interest rate will be applied retroactively to new loan applicants this year."