Pyeongtaek City to Provide Additional Interest Subsidy Support for SMEs Damaged by Last Year's Heavy Snowfall

City to Inject Own Funds... Additional 1.5% Interest Subsidy for One Year
Jung Jangsun: "Supporting Business Recovery for Companies Affected by Natural Disasters"

Pyeongtaek City in Gyeonggi Province will provide additional support to local small and medium-sized enterprises (SMEs) that suffered damage from heavy snowfall last year, using its own financial resources.

On July 23, the city announced that it will implement the "Additional Interest Subsidy Support Project for Disaster-Damaged Business Management Stabilization Funds" for SMEs within the city that were affected by the heavy snowfall that occurred from November 26 to 28, 2024.

This project is a temporary support policy aimed at alleviating the management crisis of SMEs that were excluded from disaster compensation. The support will be provided by offering an additional subsidy of 1.5% of the interest for 12 months from the month of loan execution to SMEs that have taken out disaster loans.

Eligible applicants are SMEs that have received disaster special management funds from the Gyeonggi Credit Guarantee Foundation or emergency management stabilization funds for disaster-affected SMEs from the Korea SMEs and Startups Agency. To receive the interest subsidy, companies must obtain and submit a "Damage Confirmation Certificate" in accordance with the Natural Disaster Countermeasures Act. However, small business owners are excluded from this support.

The city will pay 1.5% of the interest payments directly to the applicant's bank account until November of this year, in the order applications are received. The city will make the first round of payments within the limits of the initial budget, and any remaining funds will be distributed after securing additional resources through budget adjustments.

Companies wishing to apply for support must visit the Corporate Investment Division at City Hall and submit their applications by November 31.

Jung Jangsun, Mayor of Pyeongtaek, stated, "This support will provide practical help to companies affected by the heavy snowfall," adding, "We will continue to promote various policies to stabilize and restore the management of SMEs affected by natural disasters."