Gwangju Chamber of Commerce Holds Council to Strengthen Financial Support for Small and Medium-Sized Enterprises

Gwangju Chamber of Commerce and Industry held a CEO Council meeting for small and medium-sized enterprises to strengthen financial support for local companies. Photo by Gwangju Chamber of Commerce and Industry

The Gwangju Chamber of Commerce and Industry announced on the 25th that it held a council meeting for CEOs of small and medium-sized enterprises (SMEs) and mid-sized companies to strengthen financial support for local businesses.

The meeting, held on the morning of the 25th in the third-floor conference room of the Gwangju Chamber of Commerce and Industry, was attended by more than 30 people, including Kim Yonggu, Chairman of Hyundai Hitech Co., Ltd., representatives of SMEs and mid-sized companies, Jo Wooju, Head of the Gwangju Regional Headquarters of the Korea SMEs and Startups Agency, Kang Hyeongu, Head of the Honam Business Headquarters of Korea Credit Guarantee Fund, Lee Janghun, Head of the Gwangju Branch of Korea Technology Finance Corporation, and Choi Mingyun, Head of the Gwangju-Jeonnam Branch of Korea Trade Insurance Corporation.

This council meeting was organized to understand the financial situation and management status of local SMEs and mid-sized companies struggling due to rapidly changing domestic and international economic environments, and to seek practical support measures.

In the following session on business and financial support, the Korea SMEs and Startups Agency provided explanations on ‘Innovation Startup Commercialization Fund,’ ‘New Market Entry Support Fund and New Growth Base Fund,’ and ‘Emergency Management Stabilization Fund and Re-challenge Support Fund.’ In addition, the Korea Credit Guarantee Fund and Korea Technology Finance Corporation introduced financial support programs that apply preferential interest rates for SMEs and increase loan limits.

The Korea Trade Insurance Corporation explained its support for ‘Overseas Company Credit Investigation,’ ‘Export Credit Guarantee,’ ‘Short-term Export Insurance,’ and ‘Exchange Rate Fluctuation Insurance’ for companies.

During the subsequent discussion session, participating companies expressed difficulties caused by prolonged economic recession, high interest rates, high exchange rates, and surging raw material prices, emphasizing the urgent need for financial support to maintain management and pursue new business projects.

Chae Hwaseok, Executive Vice Chairman of the Gwangju Chamber of Commerce and Industry, stated, “As the business environment for local companies is not easy, we will work with relevant organizations to ensure that policy funds tailored to companies are provided. We will continue to listen to the voices at the business sites, strengthen communication, and discover support measures that will be helpful to companies.”