Sancheong-gun, Loan Support for Small and Medium Enterprises and Small Business Promotion Fund

7 Billion Won Scale ... Applications Open Until the 28th

Sancheong-gun, Gyeongnam Province, will provide loans from a 7 billion KRW fund to support small and medium-sized enterprises (SMEs) and small business owners in overcoming management difficulties.

The 7 billion KRW fund will be divided into guaranteed loans of 1.757 billion KRW through the Gyeongnam Credit Guarantee Foundation and credit/collateral loans of 5.243 billion KRW from financial institutions.

Drone photo of Geumseo Agricultural and Industrial Complex, Sancheong-gun.

The support targets are SMEs and small business owners with business locations in Sancheong-gun who have sales. Anyone who meets the bank's credit regulations, has repayment ability, and is not excluded from loan support can apply.

The loan limit is up to 500 million KRW depending on the company's sales and capital size, with a repayment condition of a 2-year grace period followed by 3 years of equal installments. Guaranteed loans through the Gyeongnam Credit Guarantee Foundation are available only to small business owners and can be applied for by making a reservation or visiting the foundation's website to schedule a consultation.

Applications for credit/collateral loans from financial institutions can be submitted after consulting with the handling financial institutions regarding loan limits and interest rates. Applications can be made at five financial institutions that have agreements with Sancheong-gun: NongHyup Bank Sancheong Branch, Gyeongnam Bank Sancheong Branch, Sancheong Saemaeul Geumgo, Industrial Bank of Korea Jinju Branch, and Sancheong Agricultural Cooperative (14 Eup/Myeon NongHyup branches).

If selected as a recipient of this development fund support, Sancheong-gun will provide a 3.5% interest subsidy for five years.

An official from the county stated, “This support will help stabilize the management of SMEs and small business owners who are experiencing financial difficulties due to economic recession and rising interest rates,” adding, “We will continue to do our best to support the resolution of management and financial difficulties.”