Gyeongnam Province Provides Financial Support for Tmon and Wemakeprice Victim Small Businesses and SMEs

Applications for 30 Billion Won Emergency Business Stabilization Fund Begin on the 16th

Gyeongsangnam-do will provide 30 billion KRW in emergency management stabilization funds to local small and medium-sized enterprises (SMEs) and small business owners who have suffered damages such as unpaid settlements due to the large-scale payment delays by the online commerce platforms TMON and Wemakeprice.

On the 14th, Gyeongsangnam-do announced the emergency management fund support plan on the websites of Gyeongsangnam-do, Gyeongnam Investment and Economy Promotion Agency, and Gyeongnam Credit Guarantee Foundation, and will begin accepting applications for the funds starting at 9 a.m. on the 16th.

A special fund of 20 billion KRW will be provided to affected small business owners. The repayment period is up to 5 years, and the maximum support per business is up to 100 million KRW.

There will also be benefits such as a 2.5%P interest rate support for one year and a 0.5%P reduction in guarantee fees for one year.

Eligible recipients are small business owners in the province who have suffered damages by not receiving sales payments from TMON and Wemakeprice between May and July, and must obtain a guarantee certificate through the Gyeongnam Credit Guarantee Foundation.

Gyeongnam Provincial Government.
Photo by Lee Seryeong

A special fund of 10 billion KRW will be provided to affected SMEs. The repayment period is up to 3 years, and each company can receive up to 500 million KRW.

The repayment options are either a lump-sum repayment after a 2-year grace period or four equal installments over one year after a 2-year grace period.

Eligible recipients are SMEs whose headquarters and business sites are all located in Gyeongnam and have sales records with TMON or Wemakeprice after May 1.

Governor Park Wansu stated, "Gyeongsangnam-do will continue to provide special funds to ensure that there are no blind spots in supporting the management stabilization of local companies and small business owners affected by the TMON and Wemakeprice incident."