Gwangju Buk-gu Supports 4 No-Special Guarantee for Young Small Business Owners

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City (District Mayor Moon In) announced on the 28th that it will implement the nation's first 4-No Special Guarantee in collaboration with the Gwangju Credit Guarantee Foundation for young small business owners who lack collateral capability.

This special guarantee support project for young small business owners with 4-No (No Collateral, No Interest, No Guarantee Fee, Exemption from Early Repayment Fee) is funded with 50 million KRW by Buk-gu and guaranteed by the Gwangju Credit Guarantee Foundation.

Young small business owners can receive loans up to 30 million KRW through Gwangju Bank, and Buk-gu will support the full amount of interest and guarantee fees for one year from the loan date, 2% of the interest in the second year, and the early repayment fee is exempted regardless of the loan period.

Eligibility requires small business owners with business locations in Buk-gu who are ▲39 years old or younger ▲within 7 years of startup, excluding businesses that are temporarily closed or out of business.

Young small business owners can receive benefits up to 1.11 million KRW through the special guarantee support.

The special guarantee support will operate from next month until funds are exhausted, and applications can be made by online reservation followed by a visit to the Buk-gu branch of the Gwangju Credit Guarantee Foundation.

District Mayor Moon In of Buk-gu said, “I hope this 4-No special guarantee support will be of some help to young small business owners going through difficult times due to COVID-19.”

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