Shortcut to Body Shortcut to main menu

News & Event

  • Home
  • News
  • News & Event
Gangwon Province, to extend the service coverage to help local SMEs in need of help

According to Yonhap News,

Gangwon Province unveiled its plan to extend the service coverage for the program, providing a loan for the local SEMs in needs of help, as part of a relief measure to help businesses financially struggling or under heavy burden to pay for the mortgage by 2020.

Previously, the service scope was a bit limited to manufacturing sector. But the update extends the range, covering construction and leisure /tourism industry, main contributors to job creation in Korea. Potential candidates to benefit from the service are required to run business hiring at least five employees.

The plan also includes the remedy to help, especially those hit hard by natural or man-made disasters / companies at risk of bankruptcy / entrepreneurs who got blown up while trading, by allowing them to defer lock-in period.

An official announcement of the plan will be posted onto the webpage. The province takes the registration form at the very beginning of next year. An official says “Nearly 2,400 firms seem to be newly added as candidates for the coverage. This will probably be a lifesaver for many businesses, I believe.”

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (Dec 3, 2019)

*This article was translated from Korean.