Gyeongnam Province has announced on the 18th that it will support microbusinesses with a special emergency management fund of 90 billion won to stabilize their operations. This initiative follows the initial measures announced on December 9th to boost year-end consumer spending, which included the issuance of 30 billion won in Gyeongnam Love Gift Certificates as part of the ‘Gyeongsangnam-do Livelihood Economy Stabilization Headquarters.’
The emergency management special fund being provided consists of 45 billion won for extending existing loan maturities and conversion guarantees, and an additional 45 billion won for new loans. Microbusinesses registered and operating within the province can apply, whether they are seeking new loans or need extensions on loans nearing maturity.
Existing loan extensions and conversion guarantees are available to microbusinesses with a credit score of 839 or below who require loan maturity extensions or repayment renewals. New loans can be obtained by microbusinesses with at least three months of operation and a credit score of 710 or higher, with a loan ceiling of 100 million won.
Loan funds for new loans, renewals, and conversion guarantees will support business stabilization through an annual interest rate of 2.5% and a reduction in guarantee fees by 0.5% for one year. Applications for emergency management funds will begin on the 20th of December at 9 a.m. through the Gyeongnam Credit Guarantee Foundation website, with detailed application information available on the official Gyeongsangnam-do website from the 19th.
Kim Myung-joo, Gyeongnam’s Deputy Governor for Economic Affairs, stated, “We are urgently injecting 2.7 billion won in reserve funds to provide 90 billion won in emergency management funds to microbusinesses within the province suffering from domestic market contraction. We will do our utmost to ensure rapid and simple procedures so that funds can reach those in need as swiftly as possible.”
In addition, on December 16th, Gyeongnam Province invested 3.4 billion won in reserve funds to issue 30 billion won in Gyeongnam Love Gift Certificates, with a consumer promotion event ongoing at the e-Gyeongnam mall. The Gyeongnam Love Gift Certificates will be sold sequentially in three batches of 10 billion won each from the 18th to the 20th at 9 a.m. daily. Any unsold balances will be made available from 9 a.m. on the 21st to 9 p.m. on the 22nd. Sales will cease if sold out early.
The online shopping mall, e-Gyeongnam mall, offers a maximum 30% discount (up to 20,000 won) on over 600 agricultural and seafood items from the 17th to the 25th.