Export-Import Bank of Korea Partners with Gangwon Province to Support Local SMEs... Up to 3%p Interest Subsidy on Loans
Agreement Signed for 305 Billion Won in Gangwon Management Stabilization Funds
Preferential Interest Rates Offered, Up to 2 Billion Won Per Company
The Export-Import Bank of Korea announced on the 20th that it has signed a business agreement with Gangwon Special Self-Governing Province to handle management stabilization funds.
This agreement has been established to promote exports of local small and medium-sized enterprises (SMEs) and revitalize the economy through cooperation between the Export-Import Bank of Korea and Gangwon Province.
This year, Gangwon Province’s total funding support amounts to 305 billion won. Eligible recipients are SMEs with their headquarters or factories in Gangwon Province, selected by the provincial government. The Export-Import Bank of Korea will provide these companies with up to 2 billion won each with preferential interest rates. The provincial government will pay the Export-Import Bank of Korea 2.5 to 3.0 percentage points in interest on behalf of the companies for the interest discounts applied.
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An official from the Export-Import Bank of Korea stated, "By offering management stabilization funds, we aim to ease the business burden for export companies in the province that are facing uncertainties such as the Middle East conflict." The official added, "Going forward, we will actively support balanced regional growth by expanding cooperation with local governments and related organizations."
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