Pyeongtaek City promotes creation of 12 billion won small and medium-sized business revitalization fund

Pyeongtaek City is seeking to establish a fund worth 12 billion won to provide emergency support to small and medium-sized enterprises suffering from a surge in oil prices or disasters.

According to Yonhap News coverage on the 13th, the city has decided to set up a 'Small and Medium Business Revitalization Fund' worth a total of 12 billion won by accumulating 3 billion won every year for four years starting next year and is taking related procedures.

This fund is promoted to secure stable financial resources to support small and medium-sized enterprises in the region that are experiencing difficulties due to disasters or rapid changes in the international situation, such as a surge in oil prices or tariff conflicts.

Currently, in order to provide financial resources to companies in need of emergency support, it is necessary to go through procedures such as allocating a related budget and obtaining approval from the city council, so there are limits to the city's ability to respond quickly to the situation.

The city's plan is to prepare financial resources in advance and use them to support businesses in emergency situations.

Once the fund is established, it will be used to preserve the interest difference, provide emergency support in emergency situations, and operate a small and medium-sized business support center.

A small business support center to support local small and medium-sized businesses and entrepreneurs is scheduled to be established in the second half of next year.

The city plans to enact the 'Small and Medium Business Revitalization Fund Ordinance' to establish a legal basis for establishing the fund.

The city aims to submit the ordinance to the city council's regular meeting in November and implement it in December.

An official from Pyeongtaek City said, "If we prepare financial resources in advance, we will be able to support businesses quickly and flexibly in emergency situations without having to go through complicated administrative procedures. We hope that the management stability of small and medium-sized businesses using the fund will lead to revitalization of the local economy and job creation."

Among the cities and counties in the province, there are eight places, including Suwon, Namyangju, and Ansan, that have established and operated small and medium-sized business development funds.

In the case of Ansan, where the Sihwa and Banwol industrial complexes are located, the fund was established through the enactment of an ordinance in 1990 and is currently operating at a scale of 10 billion won.

An official from Ansan City said, "We have been operating the fund for 36 years to support companies moving into national industrial complexes. Every year, we provide new support, such as interest difference preservation, to about 400 companies, and it is so popular that a year's worth of projects is exhausted within the first half of the year."