ULSAN < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) The city of Ulsan announced on April 25 that it will finance and support KRW 170 billion in business stabilization funds in conjunction with 13 financial institutions to help SMEs and small business owners overcome financial difficulties.

The city is also funding KRW 110 billion (KRW 80 billion for SMEs and KRW 30 billion for small businesses) in the first half of this year.

SMEs with offices located in Ulsan are eligible for funding.

Manufacturers, manufacturing-related services and knowledge-based business are eligible to receive KRW 400 million per company, Companies conducting over USD 1 million in direct exports are eligible to receive KRW 500 million, partner companies to medium and large-sized shipbuilding companies are eligible to receive KRW 300 million and small business owners are eligible for KRW 50 million in funding.

Ulsan City will fund up to 3% of the interest.

Also, original scope of funding expanded from just retail to include wholesale and retail companies.

In addition, plant construction, pollution prevention facility construction, landscape construction, air conditioning and heating and telecommunication construction were added to the eligibility list.

young@yna.co.kr

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** This article was translated from Korean.

Source: Yonhap News (Apr. 25, 2018)