Small Business Owners in Gyeongnam Facing Closure and Limits... Gyeongnam Province Steps Up Support

480 Billion KRW Bridge Guarantee Provided to Ease Repayment Burden for Small Business Closure

Gyeongnam Provincial Government Office building.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 27th that it will support small business owners facing critical situations due to poor management performance.

Since the 21st, the province has been implementing a 48 billion KRW 'Bridge Guarantee' support through the Gyeongnam Credit Guarantee Foundation.

The newly launched 'Bridge Guarantee' is a guarantee product designed to reduce the burden on small business owners who have to repay a large sum of money all at once.

Closed small business owners can convert their business loans into personal loans and repay them in installments over up to five years.

The eligible applicants are small business owners who are currently closed. They must have a credit score of 990 points or below, or an annual income of 80 million KRW or less, be using guarantees from the Credit Guarantee Foundation, and have a maturity date within one month. The guarantee coverage is within the amount of the existing foundation's guaranteed debt.

Additionally, the province is also implementing the 'Hope Dream Package Project' to resolve issues arising during the business closure process for closed small business owners.

Applications can be made on the Gyeongnam Credit Guarantee Foundation website. Consultations can also be scheduled through the Gyeongnam Credit Guarantee Foundation Customer Support Center.

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