Ulsan's Nam-gu rolls out 18.4 billion won in emergency business stabilization funds

Ulsan's Nam-gu district has moved to support small and medium-sized enterprises and small business owners as part of its newly launched administration's core vision of restoring the local economy and pursuing field-centered, communicative governance.

Nam-gu announced Thursday it will provide 18.4 billion won ($11.8 million) in business stabilization funds for 2026 to ease the financial burden on cash-strapped local businesses and inject vitality into the district economy.

The loan program allocates 3.4 billion won for small and medium-sized enterprises and 15 billion won for small business owners. Individual companies may borrow up to 200 million won, while small business owners are eligible for up to 50 million won. The district will also subsidize interest on the loans — covering a 2 to 3 percentage point differential for small and medium-sized enterprises and 2 percentage points for small business owners — for two years.

Eight financial institutions have signed on as partner lenders for small business owners: NH NongHyup Bank, Kyongnam Bank, Kookmin Bank, Shinhan Bank, Busan Bank, Hana Bank, Woori Bank and Industrial Bank of Korea. Small and medium-sized enterprises will have access to 10 partner institutions, including iM Bank and Korea Development Bank.

Applications open July 9 and run until funds are exhausted. Small and medium-sized enterprises may apply through Nam-gu's Small Business Promotion Division, while small business owners can apply through the Credit Guarantee Foundation website.

"As restoring the local economy is the first promise we made to residents under the new administration, we hope these business stabilization funds will serve as a solid foundation for small and medium-sized enterprises and small business owners to sustain stable operations," a district official said.