Siheung City Increases SME Development Fund by 10 Billion Won

Interest Subsidy Up to 3%, Operating Funds Up to 300 Million Won Supported

On August 4, Siheung City in Gyeonggi Province announced that it will increase the scale of its Small and Medium Enterprise (SME) Development Fund from 60 billion won to 70 billion won, adding 10 billion won. This measure aims to alleviate the funding difficulties and support the management stability of local SMEs that are struggling due to the economic downturn and uncertain domestic and international economic conditions.

The city explained that this expansion is intended to proactively respond to the additional demand for funds.

Companies wishing to receive loan support must first consult with one of the seven financial institutions partnered with the city to confirm loan eligibility, and then submit the required application documents through the relevant financial institution. Eligible applicants are manufacturing companies that, as of the announcement date, have manufacturing facilities and are operating within the city. The loan program provides up to 300 million won in operating funds and up to 3% in interest subsidies.

Lim Byungtaek, Mayor of Siheung, stated, "We will continue to actively supplement our financial support measures by reflecting the voices from the business field."