JEJU-DO < invest Korea

(JEJU = Newsis) The Jeju Special Self-Governing Province (Jeju) will provide a loan support of KRW 60 billion in the first quarter of 2014 for developing local tourism industry and expanding relevant infrastructure.

Loan supports will be provided to existing local tourist businesses and start-ups, and applications will be accepted between 18 and 30 December 2013. The successful candidates will be decided at the end of January 2014.

Loan for construction works is payable in six years with a three-year grace period, while loan for renovation is in five years with a two-year grace period. Operating expenses shall be repaid within two years with a two-year grace period, and loan for developing new tourist products and transportation systems can be paid within three years with a grace period of two years.

Extension of one-year grace period is allowed for switching a regular accommodation facility to a tourist accommodation facility. 2.8 percent of Interest will be supported by the province and the business is liable for 2.47~3.5 percent of interest.

Application will be accepted by the following divisions: division of free international city (construction and renovation of facilities for tourists), division of health and sanitation (renovation of regular accommodation facilities), division of transport and air service) and Jeju Special Self-Governing Provincial Tourism Association (operations of tourist businesses).

To provide an efficient financial support, the province encourages businesses that are willing to borrow more than KRW 500 million to submit their applications to the financial institutions for review.

kjm@newsis.com

Source Text

Source: Newsis (Dec. 17, 2013)

** This article was translated from the Korean.