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North Chungcheong Prov., set to give financial support worth KRW 280 bln to help SMEs

According to Yonhap News,

Chungcheong Province announced its financing programs for local businesses on Jan. 1, 2020. They say the local authority secured as much as KRW 280 billion, part of national budget allocations for SMEs, to provide lower interest rate on business loans (1~2% per year).

Possible candidates would be those running business in manufacturing, intellectual service and beauty/ cosmetics industry in Chungcheong province. They each can take out a minimum of KRW 50 million, up to a maximum of KRW 1 billion. Further specifically, the allocation goes to KRW 100 billion for would-be entrepreneurs who start business, KRW 8.8 billion that helps struggling business survive, KRW 15 billion for job creation, KRW 30 billion for SME’s employment, KRW 15 billion for venture businesses, KRW 2 billion for youth entrepreneurship and business support and KRW 30 billion for a special remedy to prevent default.

The province plans to open its registration on a quarterly basis. And the very first opening for the service would be Jan. 13.

Source Text

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Source: Yonhap News (Jan.1, 2020)

*This article was translated from Korean.