Jeonbuk Province, facing economic challenges along with high currency exchange rates and a domestic recession, has announced the establishment of a 'Revival Support Fund' worth 417 billion won aimed at supporting local small businesses. This initiative includes a collaborative effort between local governments, financial institutions, and small business associations to offer low-interest financing and long-term guarantees that will help these businesses recover. The province signed a memorandum of understanding with multiple stakeholders to formalize this support system.

The support program involves contributions from 21 participating organizations, including local cities and banks. A total of 33.36 billion won is being jointly funded, with significant contributions from the Jeonbuk Credit Guarantee Foundation and various commercial banks. The aid will be provided in two forms: direct support through special guarantees based on funds from the province and banks, and indirect support through reduced loan interest rates facilitated by local governments. This structured approach will enable small businesses to access much-needed funds at manageable costs, depending on their specific situations.

Additionally, Jeonbuk Province plans to offer a co-financing rate of 1% per year over the next three years, decreasing the financial burden on small businesses even further. With maximum guarantees available based on business status, local leaders, including Governor Kim Kwan-young, expressed hopes that this initiative would significantly aid small businesses in overcoming their challenges and achieving greater stability, potentially marking a substantial economic recovery for the region.