Annual 3% Interest Subsidy
Anticipated Boost for the Local Economy
Boseong County in South Jeolla Province announced on the 19th that, starting from the 12th, it has been implementing the '2025 Boseong County Small Business Loan Interest Subsidy Support Project' to help stabilize the management of local small business owners who are struggling due to the economic downturn and operational difficulties.
This project is a system in which Boseong County partially subsidizes loan interest for small business owners within the county. It provides an annual interest subsidy of 3% for two years after the loan is executed.
The maximum limit for the interest subsidy is 900,000 won per year, totaling 1,800,000 won over two years. The maximum loan amount is 30,000,000 won, and the interest rate is capped at 5.5% per year.
Eligible recipients are small business owners who have their registered address in Boseong County and are operating a business, provided they meet the criteria set forth in the Small Business Act. However, certain industries?including entertainment bars, e-commerce retail, adult gaming centers, and legal, accounting, and tax services?are excluded from support.
Small business owners wishing to apply for a loan must visit the Economic and Transportation Division of Boseong County Office to submit an application form and required documents. Subsequently, they must obtain a guarantee certificate from the Suncheon branch of the Jeonnam Credit Guarantee Foundation. After receiving the guarantee certificate, applicants can secure a loan from any of the financial institutions partnered with Boseong County, by presenting the recommendation letter issued by the county.
The partner financial institutions include Gwangju Bank Boseong Branch, NH Nonghyup Bank Boseong County Branch, local agricultural and livestock cooperatives, Boseong Credit Union, Beolgyo Credit Union, Joseong Credit Union, Boseong Saemaeul Geumgo, Beolgyo Saemaeul Geumgo, Boseong County Forestry Cooperative, and Goheung County Fisheries Cooperative (Hoecheon Branch, Beolgyo Branch), totaling 15 institutions.
A county official stated, "We hope that this interest subsidy support project will reduce financial burdens and provide practical help for the stable management of small business owners," adding, "We will continue to pursue a variety of support policies to revitalize the local economy."
Meanwhile, a Boseong County on-site consultation by the Suncheon branch of the Jeonnam Credit Guarantee Foundation will be held at the Boseong Dahyang Gymnasium from 1:00 p.m. to 3:00 p.m. on the 20th.
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