"Reviving the Local Economy" ... Changwon Special City Urgently Supports Small Business Development Fund with 15 Billion Won

Emergency Injection of 1.3 Billion Won in Reserve Funds for Stabilizing the Livelihood Economy

Changwon Special City in Gyeongnam will support a total of 30 billion KRW in loans for small business development funds this year and will provide an additional 15 billion KRW in emergency support by the end of the year.

Changwon Special City Hall.

The city has urgently allocated 1.3 billion KRW in contingency funds to support local small business owners and self-employed individuals who are struggling due to the ongoing national domestic demand slump, prolonged high inflation, and high interest rates leading to reduced consumption.

This support allows businesses to borrow up to 50 million KRW per company for operating or startup funds, with an interest subsidy of 2.5% per annum for one year. Even those who have previously received funds from Gyeongnam Province can receive overlapping support up to 50 million KRW.

Operating funds are provided to small business owners who have been in operation for more than six months after business registration, while startup funds are available to those in operation for less than six months. Repayment options include a lump-sum payment after one year or a four-year installment plan with a one-year grace period.

Applications will open at 9 a.m. on the 23rd via the reservation system on the Gyeongnam Credit Guarantee Foundation website. After applying for a guarantee consultation and receiving a guarantee certificate following the guarantee review, applicants can obtain loans from affiliated financial institutions within the jurisdiction (Gyeongnam Bank, NongHyup Bank, Hana Bank, Shinhan Bank, Industrial Bank of Korea, Woori Bank, Kookmin Bank, Busan Bank).

Hong Nampyo, Mayor of Changwon Special City, stated, “We will mobilize all means, including the execution of contingency funds, to stabilize people’s livelihoods and the regional industrial economy. We will focus administrative efforts on recovering the local economy. We will continue to make every effort to prepare support measures for small business owners.”