Chungnam Province Supports Special Management Stabilization Funds for Lunar New Year

Application Submission from 22nd This Month to 2nd Next Month
Up to 100 Million KRW per Company, 2-Year Loan Support
Chungnam Province to Cover 2%P of Loan Interest Rate

Chungnam Province will provide 5 billion KRW in special management stabilization funds for the Lunar New Year to local small and medium-sized enterprises (SMEs).

Chungnam Province announced on the 18th that it will accept applications for special management stabilization funds around the Lunar New Year holiday from the 22nd of this month to the 2nd of next month.

The support amount is up to 100 million KRW per company, with a loan period of 2 years (2 years grace period with lump-sum repayment). Chungnam Province plans to support 2 percentage points of the agreed loan interest rate between the company and the bank.

The eligible recipients are companies in Chungnam Province that have received manufacturing management stabilization fund loans from Chungnam’s policy funds and whose agreed loan period with financial institutions has not yet expired.

However, companies that have previously received special management stabilization funds for holidays (Lunar New Year or Chuseok) but whose interest support has expired less than one year ago are excluded from the application.

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

For more detailed information regarding the special management stabilization fund support, please visit the Chungnam Province website.

Jung Myung-ok, head of the Job and Enterprise Support Division at Chungnam Province, said, “Due to high interest rates and rising raw material prices, most manufacturing SMEs are in need of interest support. Chungnam Province will do its best to ensure that policy funds are provided in a timely manner to help local companies overcome management difficulties.”