Sacheon-si Significantly Expands Small Business Development Fund to 10 Billion KRW

Applications Accepted from January 17 Until Funds Are Exhausted

Sacheon City in Gyeongnam announced on the 15th that it will provide loans totaling 10 billion KRW this year to support small and medium-sized enterprises (SMEs) in the area facing difficulties in management due to high inflation and high interest rates.

This amount is 4 billion KRW more than last year's 6 billion KRW, and the support will be provided twice, with 6 billion KRW in the first half and 4 billion KRW in the second half of the year.

The support targets are small and medium-sized manufacturing companies registered as factories with their main office and business sites located in Sacheon City as of the announcement date, with a loan limit of up to 500 million KRW.

Sacheon City Hall panorama.

The loan limit varies depending on the size of the company, and the loan amount will be flexibly adjusted according to the company's application.

Companies wishing to apply should consult in advance with financial institutions partnered with Sacheon City, and if loans are possible, submit the application form and related documents to the Aerospace Division's Enterprise Support Team at Sacheon City Hall. Applications will be accepted from the 17th until funds are exhausted.

The eligibility for support and the loan amount will be finally decided through a review by the Sacheon City SME Development Fund Loan Review Committee.

Mayor Park Dongsik said, "I hope this prompt financial support to SMEs struggling with funding difficulties due to recent interest rate hikes will help stabilize management and revitalize the local economy, even if only a little."

Meanwhile, the interest differential subsidy program for SME development funds is a project that supports 2.5% to 3.5% of the loan interest rate when businesses in the area take out loans from financial institutions to stabilize management and modernize facilities.