Miryang City to Provide 5.1 Billion Won in Loans for Small Business Development in the Second Half of the Year

Loans up to 50 million won ... 2.5% annual interest support for 2 years

Miryang City in Gyeongnam Province announced on the 3rd that it will provide 5.1 billion KRW in loans for the second half of 2024 to support small business owners suffering from financial difficulties and management instability due to the economic downturn and high interest rates.

For startup or management stabilization funds, the city will provide interest support of 2.5% per year for two years on loans of up to 50 million KRW per business. In addition, when taking out a loan through the Credit Guarantee Foundation, 80% of the annual credit guarantee issuance fee for one year will be supported.

Miryang City Hall. [Image provided by Miryang City]

The support is available to small business owners in Miryang City who have obtained a credit guarantee certificate from the Gyeongnam Credit Guarantee Foundation. However, as of the application date, those who are closed or suspended, or businesses in the finance and insurance industries, or those that encourage luxury, pleasure-seeking consumption, or speculation, are excluded.

Loan applications can be made from the 15th until the funds are exhausted. After passing the guarantee screening at the Gyeongnam Credit Guarantee Foundation and obtaining a guarantee certificate, applicants can receive loans from the partner financial institutions (NH Nonghyup Bank, BNK Gyeongnam Bank, Woori Bank, KB Kookmin Bank, Miryang City Forestry Cooperative). For more details, please contact the Gyeongnam Credit Guarantee Foundation.

An Byunggu, Mayor of Miryang, said, "I hope that the small business support funds will help resolve financial difficulties and stabilize management, and I will continue to make efforts to implement support policies for small business owners who are struggling due to the prolonged economic downturn."