Gwangjin-gu Provides Additional 15 Billion KRW Support for Small Business Special Credit Loans

On the 15th, KB Kookmin Bank and Seoul Credit Guarantee Foundation Signed a Financial Support Agreement... Funding Support for Small and Micro Enterprises and Small Business Owners... Interest and Guarantee Fees Waived for One Year

[Asia Economy Reporter Park Jong-il] Gwangjin-gu (District Mayor Kim Seon-gap) will provide an additional 15 billion KRW in special credit loans with interest and guarantee fees waived for one year to support small and medium-sized enterprises and small business owners struggling due to the prolonged COVID-19 pandemic.

To this end, on the 15th, the district office held a 'Gwangjin-gu Small Business Financial Support Business Agreement' with KB Kookmin Bank and Seoul Credit Guarantee Foundation at the district office's planning situation room.

At the signing ceremony, KB Kookmin Bank made a special contribution of 1 billion KRW to the Seoul Credit Guarantee Foundation to support funding for small business owners. Accordingly, the Seoul Credit Guarantee Foundation secured an additional 15 billion KRW in special credit loan limits available for small business owners.

The Small Business Special Credit Guarantee System is a program that supports credit guarantees for small local business owners with insufficient collateral, lowering the loan barriers.

When funds are contributed to the Credit Guarantee Foundation, a guarantee limit equivalent to 15 times the contribution amount is generated, allowing more small business owners to receive special credit guarantee loans within the limit.

District Mayor Kim Seon-gap said, “In a situation where additional support for small business owners was necessary due to the prolonged COVID-19 pandemic, the special contribution from KB Kookmin Bank has enabled smooth funding support,” and added, “We expect it to play a significant role in helping small business owners overcome damages.”

This year, the district has contributed 1 billion KRW for special guarantees for small business owners and 50 million KRW for special guarantees for youth startups to the Seoul Credit Guarantee Foundation, securing a guarantee loan limit of 15.75 billion KRW from the foundation, and is utilizing a total of 40.6 billion KRW as support funds for small business owners.

For more details about the special credit guarantee system, please contact the Seoul Credit Guarantee Foundation Gwangjin Branch or the Gwangjin-gu Office Regional Economy Division.

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