Ulsan City announced the ‘2025 SME Promotion Fund Support Plan’ worth a total of 220 billion won to stabilize SME management and revitalize the local economy. This funding support was designed to provide timely funds to SMEs struggling amid high interest rates and economic recession, and to expect practical management stabilization effects.
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[Korean Today] Ulsan Metropolitan City Hall © Reporter Hyun Seung-min |
The support industry has been expanded from 10 to 16, and the construction industry and corporate taxi industry have been newly included. The main support targets are regional small and medium-sized construction companies suffering from rising raw material prices and the corporate taxi industry suffering from increased management burden due to rising oil prices. Ulsan City plans to promote regional economic revitalization and strengthen the competitiveness of small and medium-sized enterprises through this customized support.
Ulsan City has introduced a new support system for preventing industrial accidents in order to create a safe management environment for small and medium-sized enterprises. In line with the enforcement of the Serious Disaster Punishment Act, the city has established a safety-based guarantee system in cooperation with the Korea Credit Guarantee Fund. Through this, the city will provide funds necessary for replacing old facilities and introducing safety facilities, and 5 billion won will be allocated annually.
This fund is for small and medium-sized enterprises with business establishments in Ulsan City, and each company can receive up to 500 million won. The management stabilization fund is set to a repayment period of 2 to 4 years, and the facility fund is set to a repayment period of 5 years, and Ulsan City will cover a portion of the interest on loans from financial institutions. Twelve contracted financial institutions, including Gyeongnam Bank, Kookmin Bank, and Hana Bank, will participate in the operation of the funds.
Applications for the 2025 first round of SME support funds will be accepted from January 13 to 17 at the Ulsan Economic Job Promotion Agency. For more information, please visit the Ulsan City website, and for inquiries regarding applications, please contact the Business Support Division.
Ulsan city officials said they expect this financial support to secure the liquidity of small and medium-sized businesses and greatly contribute to the revitalization of the local economy. They also emphasized that this plan was designed to reflect the voices of the field to resolve management difficulties of small and medium-sized businesses, and promised to do their best to restore vitality to the people’s economy.
Meanwhile, Ulsan City plans to strengthen its continuous support policy for small and medium-sized enterprises by expanding the SME Promotion Fund to KRW 100 billion by 2026. This fund will be used as a source of funds for various SME support policies.
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