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Daegu Allocates KRW 60 Bn for SMEs

According to Yonhap News,

(DAEGU = Yonhap News) The city of Daegu announced on January 20 that it will provide KRW 60 billion loan support for small and medium-sized enterprises (SMEs) in an effort to encourage capital investment in 2014.

Manufacturing and manufacturing-related service, knowledge, visual and construction industries are subject to the city’s loan support.

Annual interest rate for general companies is 3.2 percent (variable), while some preferential companies are allowed a 3.0 percent of fixed interest rate.

The loan will be provided up to KRW one billion for capital equipment purchase and construction, and 200 million for operating capital. As a result, a total of KRW 1.2 billion will be provided to each company.

Construction of apartment-type factories (KRW four billion), relocated companies (KRW three billion) and companies with more than KRW 10 billion investment (KRW two billion) are also eligible to apply for loan support.

“The city will expand loan support to help prospective SMEs strengthen their competitiveness,” said an official of Daegu.

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Source Text

Source: Yonhap News (Jan. 20, 2014)

** This article was translated from the Korean.