JEOLLABUK-DO < invest Korea

According to Yonhap News,

On February 13, Jeonbuk State announced that it created a fund to foster and support local new industriew worth KRS 50 billion for the first time.

The focus of this fund is on revitalization of local economy by fostering and supporting new industries with growth potential and competitiveness.

For the first quarter of this year, KRW 20 billion will be supported. The loan cap is up to KRW 1 billion (3-year grace period, repaid over 5 years) for equipment investment per company.

Of 5% interest rate, the State government will support 2.18% while the rest 2.82% will be born by the company.

SMEs in the secondary battery, red bio, defense, rebot, and knowledge industries are eligible for application.

An applicant should submit the application on the website of Jeonbuk's SME fostering fund management system on February 14-20.

An official from Jeonbuk State said, "we are aware that a lot of companies are struggling for funding due to a protracted period of weak economy," adding "we hope this fund will relieve some burdens on businesses."

doo@yna.co.kr

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Source: Yonhap News (February 13, 2024)