Sancheong County Provides Support Fund for SMEs and Small Business Owners

Scale of 7 Billion Won ... Applications Accepted Until September 5

Sancheong-gun, Gyeongnam Province announced on the 26th that it will provide development funds to help small and medium-sized enterprises (SMEs) and small business owners overcome management difficulties.

This round of development funds for the second half of 2024 totals 7 billion KRW and will be provided in two ways: guaranteed loans (1.2 billion KRW) through the Gyeongnam Credit Guarantee Foundation and direct credit/collateral loans (5.8 billion KRW) from financial institutions.

Eligible applicants are SMEs or small business owners with their main place of business and sales in Sancheong-gun. Any business with repayment ability according to bank loan regulations, and not subject to loan support exclusion, may apply until September 5.

Aerial view of Geumseo Agricultural and Industrial Complex in Sancheong County.

The maximum loan amount is up to 500 million KRW depending on the company's sales and capital size, with a two-year grace period and three-year equal installment repayment terms. Only small business owners are eligible to apply for guaranteed loans from the Gyeongnam Credit Guarantee Foundation.

From the 26th, reservations and counseling appointments can be made via the Gyeongnam Credit Guarantee Foundation website or by visiting in person. For credit/collateral loans, applicants can consult with the relevant financial institution regarding loan limits and interest rates, and then submit the required documents to apply.

Applications can be made at five financial institutions partnered with Sancheong-gun: Nonghyup Sancheong-gun Branch, Gyeongnam Bank Sancheong Branch, Sancheong Saemaeul Geumgo, IBK Jinju Branch, Sancheong-gun Agricultural Cooperative, and 14 town/village Nonghyup branches.

Loans may close early if the limit is exhausted during the period, and guaranteed loans from the Gyeongnam Credit Guarantee Foundation may be extended for applications if not fully utilized within the period.

Kang Youngsook, Head of the Economic and Transportation Division, said, "We hope this support will provide practical help for SMEs and small business owners facing financial difficulties due to the economic downturn and rising interest rates, enabling them to manage their businesses stably. We will continue to strive to resolve management and financial challenges for SMEs and small business owners in the future."