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South Chungcheong Prov. secured USD 550 billion for VC

According to Yonhap News,

South Chungcheong Province announced on Jan. 3 that the budget size to help financially struggling SMEs ensure business stability this year would reach as much as USD 550 billion, a USD 30 billion jump from last year.

Potential candidates to be given the service are SMEs headquartered in South Chungcheong Province, specializing in manufacturing, knowledge business and beauty-cosmetics. For safer and stable operation, the authority added a new category for venture capital to the list.

Any entrepreneurs whose business ideas are proven to be promising are eligible for interest-free loans for up to two years. And 1.75~ 3 percent of loan rates are covered by the province in the form of subsidies to promote social / economic support, tech-innovation and venture capital.

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Source: Yonhap News (Jan. 6, 2020)

*This article was translated from Korean.

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