Gyeonggi-do Provides 100 Billion KRW Emergency Support to SMEs and Small Business Owners Affected by TMON and WEMAKEPRICE

Gyeonggi Provincial Government

Gyeonggi Province will provide an emergency injection of 100 billion KRW to small and medium-sized enterprises (SMEs) and small business owners in the province who are experiencing an urgent liquidity crisis due to the delayed settlements by TMON and WEMAKEPRICE.

On the 18th, Gyeonggi Province announced that it will offer emergency support (special management funds for e-commerce affected companies) of up to 500 million KRW for SMEs and 100 million KRW for small business owners affected by the delayed settlements of TMON and WEMAKEPRICE, with applications accepted starting from the 19th.

The loan period is 3 years for SMEs and 5 years for small business owners. Thanks to Gyeonggi Province's interest subsidy support, SMEs can access loans at an interest rate 2.0%p lower, and small business owners at 2.5%p lower than the bank's standard loan rates.

Companies wishing to apply for the e-commerce special management funds can visit one of the 26 branches and 4 branch offices of the Gyeonggi Credit Guarantee Foundation (representative number 1577-5900) starting from the 19th, or apply online through the G-Money system (small business owners can use the Gyeonggi Credit Guarantee Foundation's Lee Ji-won app).

Along with the special management funds for e-commerce affected companies, Gyeonggi Province will additionally provide 150 billion KRW in SME development funds in the second half of the year to supply emergency liquidity for SMEs and small business owners.

The expanded 150 billion KRW SME development funds are working capital necessary for business activities such as raw materials, labor costs, and purchasing expenses for SMEs and small business owners.

Heo Seung-beom, Director of the Economic Office of Gyeonggi Province, stated, "As the scale of damage from the delayed settlements by TMON and WEMAKEPRICE continues to increase, we plan to do our best to ensure timely financial support for SMEs and small business owners experiencing an urgent liquidity crisis."