The Small and Medium Business Administration (SMBA) is providing emergency management funds to support small and medium-sized enterprises affected by exchange rate fluctuations and disasters.
On October 6, the SMBA announced the allocation of 100 billion won (approximately $100 million) in emergency management funds to assist in the normalization of business operations for small enterprises.
The loan limit is set at 10 billion won (about $10 million) per company, with a repayment period of two years, including a grace period of three years. For companies impacted by exchange rate fluctuations, the interest rate will be set at the policy fund base rate plus an additional 0.5 percentage points.
Notably, businesses in the Geoje and Tongyeong areas, which have been designated as special disaster zones due to recent heavy rainfall, will benefit from a fixed interest rate of 1.5%.
Earlier in July, the SMBA had allocated 14.9 trillion won (approximately $14.9 billion) in emergency management funds to support small businesses affected by high exchange rates.
Kang Seok-jin, the head of the SMBA, stated, "We are listening to the voices of small businesses in crisis and providing policy funds to help them overcome difficulties and recover."
* This article has been translated by AI.
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