Wando-gun Receives 'Encouragement Award' for Small Business Hope Loan Project

Published 30 Dec.2021 16:38(KST)

Enhancing Support Effectiveness through Public-Private-Financial Institution Collaboration, Securing 200 Million Won in Special Grants

Wando-gun Office Building Exterior Photo by Asia Economy

[Wando＝Asia Economy Honam Reporting Headquarters Reporter Choi Kyungpil] Wando-gun, Jeollanam-do received the Encouragement Award in the ‘Low-Interest Hope Loan Evaluation for Small Business Owners’ hosted by the Ministry of the Interior and Safety, securing 200 million KRW in special grant funds.

According to the county on the 30th, to assist small business owners facing economic difficulties, since 2019, the ‘Local Small Business Owners Hope Loan Project’ has supported loans totaling 103.3 billion KRW to over 4,100 small business owners.

In particular, moving away from unilateral financial support, a collaborative and sustainable management system was established through cooperation among the private sector, government, and financial institutions, significantly enhancing the effectiveness of support.

Through this, despite difficulties such as decreased sales due to the prolonged COVID-19 pandemic, small business owners who lack collateral and have low credit ratings, and thus cannot pass the banks’ thresholds, were able to secure loans through cooperation with financial institutions and the Credit Guarantee Foundation. Additionally, interest subsidy and guarantee fee support were promoted.

Governor Shin Woo-cheol stated, “We will actively prepare and provide various support measures so that more small business owners can overcome the COVID-19 economic crisis and achieve management stability and self-reliance.”