Busan City provides 10 billion won financial support for companies affected by high exchange rates
Busan City will provide 10 billion won in financial support to local import companies and small businesses struggling due to the recent rise in exchange rates.
This support allows businesses to receive up to 100 million won each, with a 2% interest subsidy benefit over five years (one-year grace period followed by four years of repayment). The guarantee fee will be fixed at 0.6% per year to create a stable financial environment.
How to Apply for Financial Support for Companies Affected by High Exchange Rates?
Busan City will accept applications for financial support through the Busan Credit Guarantee Foundation and Busan Bank from March 10 to December 31. However, the application may close early if funds run out or if the won-dollar exchange rate stabilizes below 1,300 won.
Eligible Applicants
Eligible companies are those that possess an 'Import Performance Certificate' issued by organizations such as the Korea International Trade Association, which can prove trade transactions for the past six months as importers and small businesses.
Details of the Support
Loans of up to 100 million won per company are available. The interest subsidy will be 2% for five years, and the guarantee fee rate will be fixed at 0.6% per year. Guarantees are provided regardless of the personal credit score of the representative, but companies with delinquencies, tax arrears, closures, and credit delinquencies will be excluded.
How to Apply
Companies wishing to apply should visit the branches of the Busan Credit Guarantee Foundation or Busan Bank and submit the required documents.
Busan City Expands Additional Support for Export and Import Companies
In addition to this financial support, Busan City plans to alleviate the burden on companies through the 'Import and Export Difficulty Voucher' support project. Starting this year, a new customs response support area will be introduced to focus on reducing the customs burden for affected businesses.
Furthermore, the existing support budget will increase from 200 million won to 300 million won, allowing more companies to benefit. Busan City expects that these measures will enhance the competitiveness of raw materials for import companies and reduce the exchange rate burden on local small and medium enterprises.
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