On July 11, the Incheon city government announced that it will provide a total of 150 billion KRW in management stabilization funds to small and medium-sized enterprises (SMEs) in Incheon that are struggling due to the United States' high-tariff policy on imports.
The maximum support per company is 500 million KRW, with 2% of the annual bank loan interest subsidized. The loans must be repaid in one year, and since this is not a direct loan or guarantee, companies must check their eligibility for loans directly with their banks.
Companies currently repaying city or county-guaranteed management stabilization funds are also eligible for this support. Applications will be accepted online through Incheon City's customized SME support system, 'BizOK', starting July 14 until the funds are exhausted.
President Donald Trump of the United States announced that starting August 1, a 25% reciprocal tariff will be imposed on all imports from Korea. On July 8, 2025, cars awaiting shipment were lined up at the export yard in Pyeongtaek Port, Gyeonggi Province. Photo by Kang Jinhyung
As the United States continues its tariff policy, there is growing concern that additional tariffs may be imposed on certain products such as semiconductors and pharmaceuticals, which are major export items of Incheon.
The city plans to support not only exporters affected by the tariffs, but also partner companies and suppliers that do business with these exporters, in order to minimize the impact of U.S. tariffs on local businesses.
An official from the Incheon city government stated, "We hope that this funding support will help alleviate the financial difficulties and interest burdens faced by export companies due to the U.S. tariff policy," adding, "We will continue to respond proactively to changes in tariff policy and develop effective support measures for local businesses."
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