Ulsan City to Provide 50 Billion KRW in Third Round of SME Support Funds This Year

Policies to Support Management Stability and Revitalize the Local Economy

Ulsan City will provide the third round of SME development funds this year, totaling 50 billion KRW, to support the management stability of small and medium-sized enterprises and invigorate the local economy.

This third round of funding can be used not only for facility investment but also for research and development expenses to strengthen competitiveness, as well as operating funds needed for business management.

The support is available to SMEs with business locations in Ulsan. Each company can receive up to 500 million KRW, with a repayment period of 2 to 4 years. Part of the interest on loans from financial institutions (interest subsidy of 1.2% to 3.0%) will be supported.

The partner financial institutions are 12 in total: Kyongnam Bank, Kookmin Bank, Industrial Bank of Korea, Nonghyup Bank, Daegu Bank, Busan Bank, Korea Development Bank, Shinhan Bank, Woori Bank, Hana Bank, Export-Import Bank of Korea, and Saemaeul Geumgo.

Applications for support can be submitted in person at the Ulsan Economic and Job Promotion Agency from June 17 to 21. Detailed information and application documents for the development fund support can be found on the Ulsan Metropolitan City website under the announcement for the '2024 Ulsan Metropolitan City 3rd SME Development Fund Support Plan.'

An official from Ulsan City stated, "We hope that this supply of development funds will provide practical help to local SMEs facing difficulties in securing liquidity," and added, "We will do our best to make Ulsan a business-friendly city by supporting the funding needs of SMEs."

As of May this year, Ulsan City has supported a total of 129.1 billion KRW in funds to 432 SMEs (111.3 billion KRW in management stabilization funds to 408 companies and 17.8 billion KRW in facility funds to 24 companies).