Daegu City Supports 'Bridge Guarantee' for Closed Small Business Owners to Convert Personal Guarantees and Extend Maturity

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Dong-guk] Daegu City announced on the 22nd that it has prepared the 2nd supplementary budget to promote the 3rd Daegu-type economic quarantine measures for 2021 to overcome COVID-19, and will provide financial support to small business owners facing financial difficulties.

As part of this measure, the Bridge Guarantee Project will be supported starting from the 26th.

'Bridge Guarantee' is a system that converts the existing guarantees of closed small business owners into personal guarantees by extending the maturity period, enabling normal repayment. Daegu City will contribute a total of 8 billion KRW, including 2 billion KRW in national funds, to the Daegu Credit Guarantee Foundation to implement the Bridge Guarantee Project.

Mayor Kwon Young-jin said, "I hope that even if small business owners facing financial difficulties inevitably close their businesses, the Bridge Guarantee will serve as an opportunity to overcome the crisis and make a fresh start. We will also seek various measures such as financial support for small business owners in the future."

For Bridge Guarantee applications and detailed information, please visit the Daegu Credit Guarantee Foundation website or contact each branch office located in the business area.

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