Andong City, Special Guarantee for Small Business Owners and Rental Loan for Restricted Business Sectors... Including Entertainment Bars
Loan Interest Support: 20 Million KRW Guarantee Limit per Company and 10 Million KRW Rent Loan for Prohibited Business Sectors
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Andong City announced on the 30th that it has signed a business agreement with the Gyeongbuk Credit Guarantee Foundation and will start loan services for a special guarantee support project for small business owners totaling 8 billion KRW from February 1st.
The support targets small business owners with workplaces and addresses within Andong City. For mining, manufacturing, construction, and transportation industries, businesses with fewer than 10 regular employees qualify, while for other industries, businesses with fewer than 5 employees are eligible.
The maximum guarantee limit per company is 20 million KRW, and the guarantee period is up to 5 years. Loans can be obtained until the special guarantee support fund of 8 billion KRW is exhausted, and loan interest up to 3% will be supported for 2 years. Andong City has also signed business agreements with 31 local branches of financial institutions executing the loans to provide special guarantee loans.
Additionally, for small business owners in assembly-restricted industries who are experiencing management difficulties due to the elevation to social distancing level 2, interest subsidy support for rental loan programs will be provided. The support targets small business owners in assembly-restricted industries (five types of entertainment facilities) within the city, with loans up to 10 million KRW per company, and loan interest of 1.9% supported for 2 years.
Mayor Kwon Young-se of Andong said, "Through the special guarantee and interest subsidy projects, we hope to alleviate the financial loan burden for small business owners in the city who are struggling due to COVID-19, and especially to help stabilize management for small business owners in the entertainment industry, who were excluded from policy funds or special guarantee support projects, by providing interest subsidy support for the rental loan program."
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Small business special guarantee support funds can be applied for by visiting the Andong branch of the Gyeongbuk Credit Guarantee Foundation with the required documents. Applications for the rental loan program for assembly-restricted industries can be made by contacting the Andong Center of the Small Enterprise and Market Service.
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