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Daejeon city to form KRW 320 billion to help local SMEs financially stressed

According to Newsis,

The city of Daejeon announced on Jan. 16 that the local authority plans to spend as much as KRW 320 billion, a part of support program for local SMEs. Further specifically, roughly KRW 230 billion will go to entrepreneurs in financial stress, especially those who cannot afford to cover labor cost or utility bills while running business. Another KRW 50 billion will be injected into a program, helping SMEs who lack financial resources for business relocation or facility upgrades. The city will spend the rest KRW 400 billion to those who’re underfunded to secure commodities necessary in production line. Anyone interested in the city program can click on the official website and sign up for. In case to help SMEs keep sustainable or start business, the authority can cover part of the mortgage interest. An official said “We’ll give full support to SMEs under financial difficulties so that they can be sustainable and contributable to job creation in Korea.”

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Source: Newsis (Jan. 16, 2020)

*This article was translated from Korean.