Gyeonggi-do Provides 30 Billion KRW in Special R&D Financing Support

Gyeonggi Provincial Government

Gyeonggi Province will provide special funds worth 30 billion KRW to R&D companies within the province.

Gyeonggi Province has expanded the support targets to include "companies that have established corporate research institutes or R&D departments within the province and conduct research and development activities."

The special financial support limit is up to 500 million KRW per eligible company, and up to 100 million KRW for small business owners.

The main support items include ▲ interest subsidy increase by 3%p (expanded from 2%p to 3%p) ▲ guarantee fee support of 1% (full exemption for 8 years) ▲ loan period of 8 years (expanded from 3~5 years to 8 years) ▲ guarantee ratio of 90% (increased from 85% to 90%), etc.

Gyeonggi Province especially expanded the usual loan period to 8 years and increased the interest subsidy from the previous 2%p to 3%p to alleviate financial difficulties caused by rising financial costs faced by R&D companies.

Kim Gwang-deok, Director of Regional Finance at Gyeonggi Province, said, "We hope this special financial support will serve as a foundation for R&D companies in the province to continue their research and development stably and succeed in commercialization."