Gwangju Buk-gu, Early Support for Small Business Special Guarantee

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City announced on the 12th that it will provide special guarantee funds together with Gwangju Credit Guarantee Foundation and Gwangju Bank to minimize management damage to local small business owners caused by the novel coronavirus, and will start special guarantee loans and interest subsidy from the 13th.

This special guarantee support for small business owners involves Buk-gu contributing 100 million KRW, Gwangju Bank contributing 50 million KRW, and Gwangju Credit Guarantee Foundation providing credit guarantees worth 2.25 billion KRW, which is 15 times the contribution amount.

Accordingly, small business owners can borrow up to 20 million KRW through Gwangju Bank (up to 30 million KRW for new startups who have completed the Buk-gu Startup School). In particular, Buk-gu will support an interest rate difference of 2% per annum for two years from the loan date.

Eligibility for special guarantee support applies to small business owners with business locations in Buk-gu, including ▲manufacturing and construction businesses with fewer than 10 regular employees ▲retail, restaurant, and service businesses with fewer than 5 regular employees, excluding businesses that are temporarily closed or shut down.

This project will operate until the special guarantee funds are exhausted, and applications can be submitted by visiting the Buk-gu branch of Gwangju Credit Guarantee Foundation located in Maegok-dong, Buk-gu.

Moon In, Mayor of Buk-gu, said, “I hope this early support of special guarantees and interest subsidies will help stabilize the management of small business owners who are facing difficulties,” and added, “We will continue to prepare various support measures for small business owners who form the foundation of the local economy.”

This content was produced with the assistance of AI translation services.