Gwangsan-gu, Gwangju Accelerates Support to Alleviate Financial Difficulties of Small Business Owners

Agreement Signed Between Former Gwangju Shinbo and Former Corporate Primary Care Center

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangsan District, Gwangju Metropolitan City (District Mayor Kim Samho) announced on the 17th that it recently signed a 'Special Guarantee Support Agreement for Small Business Owners' with the Gwangju Credit Guarantee Foundation and the Gwangsan District Corporate Doctor Center.

This agreement was promoted to help alleviate the financial difficulties of small business owners struggling due to COVID-19.

The special guarantee system recommends issuing credit guarantees for small business owners who lack collateral and find bank loans practically difficult.

It serves as a timely relief for small business owners facing difficulties in financing.

Under this agreement, the district will contribute 100 million KRW to the Gwangju Credit Guarantee Foundation, which will operate 1.5 billion KRW?15 times the contribution amount?as a loan guarantee fund for small business owners.

Each small business owner in Gwangsan District will be provided with management funds support of up to 20 million KRW.

Additionally, according to the agreement, the Gwangsan District Corporate Doctor Center will identify special guarantee companies, connect them with the Gwangju Credit Guarantee Foundation, and provide consulting support to the companies.

Kim Samho, Mayor of Gwangsan District, said, “Expanding special guarantee support will be a great help to small business owners who have difficulty raising funds due to lack of collateral, and we hope it will lead to stabilization of the grassroots economy and job creation. We will also promote various support policies for neighborhood markets to contribute to creating a healthy economic ecosystem.”

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