ULSAN < invest Korea

According to Yonhap News,

Namgu, Ulsan City said on Jan. 7 that the local authority provides a financial support program, a KRW 17 billion corporate loan service to help financially strapped businesses get back on the track.

Further specifically, KRW 7 billion will go to local SMEs and KRW 10 billion will be spent to help small business owners. For the rest KRW 5 billion, the city government will keep it till the second half of this year for the sake of business rescue proceedings.

Namgu scaled up the budget size by KRW 7 billion this year, from KRW 15 billion in the year 2019.

The city provides a loan service as much as KRW 200 million and KRW 50 million to SMEs and small business runners each, lowering the burden of loan interest rate for two years. Candidates selected can pay for the mortgage in the form of a bullet repayment for the statutory period.

The city said “We’ll seek a more active role in helping financially distressed SMEs, a major pillar of local economy.”

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Source:Yonhap News (Jan. 7, 2020)