Taean County Launches Special Guarantee Financial Support for Small and Medium Enterprises

Special Loan Program with a Limit of 3 Billion KRW
2% Interest Subsidy Provided by the County

The scene of the financial support business agreement ceremony for special guarantees for small and medium-sized enterprises held in the county office small conference room last September. / Taeangun

Taean-gun, Chungnam Province announced on the 10th that it will implement the "Taean-gun Small Business Special Guarantee Support Project," which provides a 2% interest subsidy on loans for local small and medium-sized enterprises (SMEs).

This project aims to stabilize the management and ease the financial difficulties of SMEs struggling due to the economic downturn and high interest rates. When companies receive financing through NH Nonghyup Bank, a portion of the interest rate is subsidized for three years through an interest compensation method.

The support targets are companies located in Taean-gun, including: entrepreneur-type small businesses, companies with outstanding technology in the agri-food sector, promising startups, export and overseas expansion companies, job-creating companies, venture companies, companies engaged in materials, parts, and equipment sectors, companies engaged in local key industries, and companies that have relocated to the region, among others.

The loan limit is up to 3 billion KRW for SMEs and up to 500 million KRW for entrepreneur-type small businesses, within 20% of the previous year's annual sales. The county will provide support until the allocated budget of 3 billion KRW is exhausted. The loan period is one year for operating funds (lump-sum repayment at maturity, up to three years), and up to ten years for facility funds.

Interested companies can apply by preparing the required documents, including the application form, business plan, business registration certificate, and full corporate registration certificate, and submitting them in person to the Economic Promotion Division at the county office or by mail.

However, applications will be canceled if the company closes or relocates outside the county after applying, is declared bankrupt, applies or receives a loan through false or fraudulent means, or fails to meet other recommendation requirements making participation impossible.

A county official stated, "Last year, through the special guarantee support, we provided a total of 810 million KRW to three companies," and added, "We hope for the active interest of business owners in this special guarantee support project to help alleviate the management difficulties of SMEs."