Suncheon City Actively Supports Small Business Owners for Management Stability

Agreement Signed to Support Small Businesses with Jeonnam Shinbo and Six Other Commercial Banks

[Asia Economy Honam Reporting Headquarters, Reporter Kim Chunsu] Suncheon City in Jeonnam announced on the 31st that it has signed an agreement with the Jeonnam Credit Guarantee Foundation, NH Nonghyup Bank, Gwangju Bank, KEB Hana Bank, KB Kookmin Bank, Woori Bank, and Shinhan Bank to stabilize the management of small business owners facing difficulties due to the prolonged economic recession and lack of collateral capacity, and to revitalize the local economy.

In the signed '2020 Small Business Loan Interest Support Project' agreement, Suncheon City will make a special contribution of 150 million KRW to the Jeonnam Credit Guarantee Foundation as credit guarantee funds for small business owners, and the Guarantee Foundation will use the contribution funds to provide a special contribution guarantee agreement worth 1.8 billion KRW, which is 12 times the amount, to small business owners.

The support targets are small business owners who have registered their business and have an address in Suncheon City and have operated their business continuously for more than one year. The support scale is up to 30 million KRW per business location, and interest ranging from 1.9% to 3% for 2 to 4 years will be supported to financial institutions.

A Suncheon City official said, "We hope this agreement will help alleviate the financial difficulties of small business owners struggling due to the economic downturn caused by COVID-19 and contribute to revitalizing the local economy through management stabilization."

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