Bucheon City Supports Small Business Special Guarantees Worth 21 Billion KRW... Up to 50 Million KRW Per Company

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province is promoting a special guarantee support project for small business owners worth 21 billion KRW this year in collaboration with the Gyeonggi Credit Guarantee Foundation and Hana Bank.

The special guarantee system provides guarantees so that small business owners who lack collateral and cannot receive loans from banks or have poor financial conditions can obtain low-interest loans from financial institutions.

Bucheon City has additionally allocated 700 million KRW from the city budget to stabilize the management of small business owners who have become more vulnerable due to COVID-19.

Also, through a matching agreement with Hana Bank, the guarantee scale, which was 14 billion KRW last year, has been expanded to 21 billion KRW, and the support limit per company has been raised from 30 million KRW to 50 million KRW.

The support target is small business owners who have been operating for more than two months after registering their business in Bucheon City. Applications can be made by visiting the Bucheon branch of the Gyeonggi Credit Guarantee Foundation.

Jang Deokcheon, Mayor of Bucheon City, said, "I hope the special guarantee support project will serve as a stepping stone for small business owners who are having a harder time due to COVID-19 to stand up again."

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