Gyeonggi-do Extends Special Guarantee Support for Content Companies by 2 Years

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has extended the special guarantee support period for content companies by two years until June 2023.

The special guarantee for content companies is a system that supports guarantees so that small content companies with innovative ideas and business potential but difficulty securing funds can obtain loans from financial institutions.

Since 2010, Gyeonggi Province has been carrying out the special guarantee support project for content companies in cooperation with local cities and counties, Gyeonggi Credit Guarantee Foundation, and Gyeonggi Content Agency.

The first phase supported guarantees for 241 companies with 12.2 billion KRW, and the second phase supported 730 companies with 31 billion KRW. In 2019, the third phase guarantee support scale was 18 billion KRW for 433 companies in 24 cities and counties within the province.

The 24 cities and counties participated in the 2019 "Special Financial Support Agreement for Strengthening the Competitiveness of Gyeonggi Province's Content Industry." The total support scale from phases 1 to 3 is 1,404 companies and 61.2 billion KRW.

The third phase targets 3,991 content companies located in the 24 cities and counties. The total guarantee scale is 30.52 billion KRW.

The guarantee limit is up to 500 million KRW per company, and the repayment period is five years. Guarantee screening applications can be made through the branches of the Gyeonggi Credit Guarantee Foundation.

Companies wishing to receive financial support can inquire at the Cyber Guarantee Center on the Gyeonggi Credit Guarantee Foundation website (www.gcgf.or.kr) or at the branches of the Gyeonggi Credit Guarantee Foundation (main number 1577-5900).

Jang Woo-il, head of the Content Policy Division of the province, said, "I hope that content companies with infinite growth potential will not be discouraged due to difficulties in securing funds. Especially, many content companies are struggling due to COVID-19, and we will actively support promising content companies to revitalize the local economy and create jobs."

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