Jeonju, South Korea – North Jeolla Province announced today a significant increase in its small business funding program for 2025, allocating 300 billion won (approximately US$225 million) to support local businesses struggling amid economic uncertainties.

The funding, which is 30 billion won more than the previous year, is designed to help small and medium-sized enterprises (SMEs) cope with the challenges posed by high interest rates, inflation, and exchange rate fluctuations.

The funds will be distributed across various categories, including 120 billion won for startup and competitiveness enhancement, 200 billion won for venture businesses, and 1,600 billion won for general operations. Newly approved borrowers for startup and competitiveness enhancement funds will enjoy an interest rate of 2.82%, while those for venture business funds will benefit from a rate of 1.82%.

A notable change this year is the substantial increase in loan limits. For facilities, the maximum loan amount has been raised from 10 billion won to 15 billion won, and for operating capital, it has increased from 3 billion won to 5 billion won (or 7 billion won for preferred businesses).

Applications for the funding must be submitted online through the North Jeolla Province Small and Medium Enterprise Comprehensive Support System (jbok.kr). Funds will be distributed quarterly, with additional applications accepted in the following month if funds remain.

"Considering the current economic challenges, we have decided to expedite the distribution of small business funding," said Kim In-tae, director of the province's investment attraction support division. "We hope this will alleviate the financial burden on local SMEs and provide them with opportunities for robust growth."