Uljin-gun Provides 4 Billion Won Loan to Small Businesses Affected by COVID-19... Interest Support for 2 Years
Up to 20 Million KRW for General Small Business Owners, Up to 50 Million KRW for Young Entrepreneurs
[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Uljin County, Gyeongbuk announced on the 26th that it will expand the 'Special Guarantee for Small Business Owners and Secondary Compensation Support Project' to a scale of 4 billion KRW this year to support small business owners struggling due to COVID-19.
The special guarantee support system for small business owners is a system where the Gyeongbuk Credit Guarantee Foundation issues a guarantee certificate on behalf of small business owners who have difficulty obtaining loans due to lack of collateral ability, allowing loans up to 20 million KRW (50 million KRW for young entrepreneurs) for operating funds. In Uljin County, 2% of the loan interest is supported annually for 2 years.
After receiving a consultation visit at NH Nonghyup and KB Kookmin Bank located in the county, applicants submit guarantee application documents, and after going through the guarantee screening process of the Credit Guarantee Foundation, they receive the loan. However, real estate rental business, entertainment industry, gambling, and unhealthy amusement industries are not eligible for guarantee issuance.
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County Governor Jeon Chang-geol said, "The special guarantee support project for small business owners has been implemented since February 2019, with 278 people receiving loans totaling 5.1 billion KRW, becoming a project that gives hope to local small business owners struggling due to the economic downturn," and added, "This year, it has been expanded to a scale of 4 billion KRW so that more small business owners can benefit."
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