On-site Applications at Ulsan Economic and Job Promotion Agency Starting May 12
Up to 500 Million KRW Limit, Annual Interest Subsidy of 1.2% to 3% for 2 to 4 Years
Ulsan City is providing an additional 10 billion KRW in emergency funding to support small and medium-sized enterprises (SMEs) in the automotive sector that are struggling due to the local economic downturn.
The Emergency Management Stabilization Fund for automotive SMEs is intended to cover working capital required for business management, as well as research and development expenses aimed at stabilizing operations and generating economic momentum in the region. With this increase, the total amount of management stabilization funds available for the automotive sector will rise from 10 billion KRW to 20 billion KRW.
As a result, the total supply of SME development funds in Ulsan City for 2025 will increase from 220 billion KRW to 230 billion KRW with this additional 10 billion KRW support.
Support conditions include a maximum of 500 million KRW per company, a repayment period of 2 to 4 years, and partial support for loan interest (interest subsidy of 1.2% to 3.0%).
Loans can be obtained through 12 partner financial institutions (▲BNK Ulsan Kyongnam Bank ▲KB Kookmin Bank ▲IBK Industrial Bank of Korea ▲NH Nonghyup Bank ▲iM Bank ▲BNK Busan Bank ▲Shinhan Bank ▲KEB Hana Bank ▲KDB Korea Development Bank ▲Woori Bank ▲The Export-Import Bank of Korea ▲National Credit Union Federation of Korea).
Eligible applicants are SMEs that have established or plan to establish business operations within the city, specifically those in the automotive in-house partner and parts supply sectors, and the funds must be used within the city.
Applications must be submitted in person at the Ulsan Economic and Job Promotion Agency, located in Yeonam-dong, Buk-gu, from May 12 to May 14.
Further details can be found on the Ulsan City website and the Ulsan Economic and Job Promotion Agency website.
A city official stated, "Recently, local automotive parts companies have become increasingly anxious due to the announcement of U.S. automobile import tariffs," adding, "We will ensure that this emergency funding provides meaningful support to help local SMEs overcome their current crisis."
Ulsan City Hall.
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