Yangsan, South Korea – In a bid to alleviate the financial burdens faced by small businesses amidst the prolonged economic downturn, Yangsan City has announced a new support fund. This initiative, which will be rolled out on January 2nd, 2025, aims to inject much-needed liquidity into the local economy.

The city has allocated a total of 150 billion won for the small business support fund in the first quarter of 2025. This fund is divided into two categories: 100 billion won for general businesses and 50 billion won specifically for young entrepreneurs.

To reduce the financial burden on small business owners, the city will offer interest rates as low as 2.5% per annum for general businesses and 3% for youth entrepreneurs. Moreover, the city will cover the interest payments for up to four years. For businesses opting for guarantee loans through the Gyeongnam Credit Guarantee Foundation, the city will also subsidize the first year's credit guarantee fees.

Guarantee loans, which do not require collateral, will be available for up to 60 billion won of the general business fund and 20 billion won of the youth entrepreneurship fund.

"With the local economy struggling and consumer spending at a low, we believe this support fund will provide a much-needed lifeline to our small businesses," said a city official. "We hope this initiative will help alleviate some of the financial pressures they are facing."

For more information on the eligibility criteria and application process, interested parties can refer to the detailed notice posted on the Yangsan City website or contact the city's Citizen's Economy Division at 055-392-3734.

[ⓒ Global Economic Times. 무단전재-재배포 금지]