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Jeonbuk to strengthen financial support for SMEs by injecting KRW 60 bn
On April 3, Jeonbuk State announced that it will implement an emergency financial support plan worth KRW 60 billion to reduce the financial burden on small and medium-sized enterprises (SMEs) and help stabilize their management.
The support amount includes KRW 20 billion for emergency refinancing and KRW 40 billion for extending the grace period.
The emergency refinancing support is aimed at SMEs currently using high-interest loans, allowing them to switch to low-interest policy funds. The repayment period is 2 years, with a 2% interest subsidy, providing up to KRW 300 million per company.
The grace period extension program is for companies that are in the process of repaying principal or have imminent repayment schedules. It will extend the grace period by 1 year, with an interest subsidy of 2-3% during the extended period. Businesses can pay only the interest for a certain period and begin repaying both principal and interest afterward.
Applications for the program will be accepted starting on April 7 through the Jeonbuk State's Comprehensive SMEs Support System (http://jbok.kr).
sollenso@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.04.07
Views
13
According to Yonhap News,
On April 3, Jeonbuk State announced that it will implement an emergency financial support plan worth KRW 60 billion to reduce the financial burden on small and medium-sized enterprises (SMEs) and help stabilize their management.
The support amount includes KRW 20 billion for emergency refinancing and KRW 40 billion for extending the grace period.
The emergency refinancing support is aimed at SMEs currently using high-interest loans, allowing them to switch to low-interest policy funds. The repayment period is 2 years, with a 2% interest subsidy, providing up to KRW 300 million per company.
The grace period extension program is for companies that are in the process of repaying principal or have imminent repayment schedules. It will extend the grace period by 1 year, with an interest subsidy of 2-3% during the extended period. Businesses can pay only the interest for a certain period and begin repaying both principal and interest afterward.
Applications for the program will be accepted starting on April 7 through the Jeonbuk State's Comprehensive SMEs Support System (http://jbok.kr).
sollenso@yna.co.kr
Source Text
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Source: Yonhap News (April 3, 2025)
** This article was translated from Korean.