Gas Gong, Fund Formation for Supporting SMEs and Small Business Owners Gains Momentum

812 SMEs and Others Save 13.6 Billion Won in Interest
Low-Interest Loans from Hydrogen Industry Development Fund

[Asia Economy Sejong=Reporter Joo Sang-don] Korea Gas Corporation announced on the 22nd that it is strengthening its social responsibility as a leading energy public enterprise in Korea by adopting job creation and mutual growth cooperation as strategic tasks to fulfill 'realization of social value.' In particular, the corporation is focusing on job creation projects to support small and medium-sized enterprises (SMEs) and small business owners who are struggling due to COVID-19 and economic recession, as well as to revitalize the local economy.

Since 2016, the corporation has established a 'SME Support Fund' to assist SMEs and small business owners facing liquidity crises due to the economic downturn. By supplying cash liquidity at an interest rate on average 2.0 percentage points lower than market rates, 812 SMEs and small business owners nationwide have saved a total of 13.6 billion KRW in interest so far.

Additionally, to strengthen support for hydrogen business SMEs, the corporation signed an agreement last year with IBK Industrial Bank of Korea to operate a 'Hydrogen Industry Development Fund.' SMEs developing hydrogen equipment and technology recommended by the corporation can receive priority loans from this fund at rates cheaper than market interest rates.

Various cooperative projects are also being implemented to help SMEs enhance their technology, management, and job capabilities to achieve better productivity and global competitiveness. By supporting SMEs with technical personnel and costs, the corporation leads the localization of key equipment and mutual growth, and supports market expansion by prioritizing the purchase of products successfully developed domestically by SMEs.

Efforts are also being made to discover and nurture Green New Deal startup companies to foster new growth industries and revitalize the local economy. So far, the corporation has discovered 40 startup companies and supported various practical startup programs such as commercialization funds, investment consultations, and mentoring programs for business advancement.

At the same time, to discover and nurture technologically capable startups, the corporation is opening its facilities and business-related data to digital startup companies that have excellent digital technologies and ideas but face growth limitations due to lack of funds and real data.

A Korea Gas Corporation official said, "The corporation will continue to create social value through various mutual growth cooperation projects and do its best for community development as a public enterprise loved by the people."