Chungnam Province to Provide 100 Billion KRW Support for Export Companies Hit by U.S. Tariffs... Applications Open from the 24th

Management Stabilization Fund, Export Damage Guarantee Fund, and Preferential Interest Rate Fund for Export-Affected Companies

Governor Kim Taeheum, who is announcing urgent support measures for export companies in the province (photo shows a press conference on the 14th). / Provided by Chungnam Province

Chungnam Province has launched policy fund support measures to minimize the damage suffered by local export companies due to the tariff surge originating from the United States.

Chungnam Province announced that, in response to tariff increases imposed by the Trump administration's second term, it has prepared three types of policy fund support measures totaling 100 billion KRW for local export companies affected by these actions, and will begin accepting applications from April 24.

This policy fund support is a follow-up measure to the "Chungnam Province Response Plan to U.S. Tariff Imposition" announced by Governor Kim Taeheum on April 14. The three types of policy funds are: ▲Management Stabilization Fund for Export-Damaged Companies ▲Export Damage Guarantee Fund ▲Preferential Interest Rate Fund.

The Management Stabilization Fund for Export-Damaged Companies, with a total of 20 billion KRW, provides interest subsidies of 2.0% for two years, up to a limit of 500 million KRW per company, for those with export records within the past year who have suffered damage due to tariff imposition.

The Export Damage Guarantee Fund, totaling 30 billion KRW, supports not only directly affected companies with export records within the past year but also indirectly affected companies facing difficulties due to the tariffs. When taking out loans, the interest rate cap applies and the guarantee fee is reduced by an additional 0.4 percentage points.

The Preferential Interest Rate Fund, provided through NH Nonghyup and Hana Bank, has been increased by 50 billion KRW, expanding the total from 100 billion KRW to 150 billion KRW.

Applications for the Management Stabilization Fund for Export-Damaged Companies should be submitted to the Chungnam Economic Promotion Agency; applications for the Export Damage Guarantee Fund should be submitted to the Chungnam Credit Guarantee Foundation; and applications for the Preferential Interest Rate Fund should be made at the Himssen Chungnam Financial Support Center counters at NH Nonghyup and Hana Bank.

The response plan announced by Governor Kim Taeheum at the press conference on April 14 includes: ▲100 billion KRW in financial support for export companies ▲expansion of trade insurance support ▲strengthening of legal support through the Trade Legal Counseling Center ▲expansion of export support such as overseas market development ▲increased research and development for industrial competitiveness ▲cooperation between large and small-medium enterprises ▲and securing industrial workforce supply.

Governor Kim Taeheum stated, "In Chungnam, manufacturing accounts for more than half (53.1%) of the economy, and the high export ratio of key industries makes the region particularly vulnerable to damage. While national-level negotiations and countermeasures will be pursued, given the many uncertainties, we will not rely solely on the central government but will implement urgent provincial-level measures to minimize the damage to local companies."