Gwangju Buk-gu Supports Loan Interest for Low-Credit Small Business Owners

Published 10 Feb.2022 22:12(KST)

Gwangju City's Only Smile Microfinance Loan Interest Support Agreement Signed

Low Credit (Grade 6 or Below) Small Business Owners Can Borrow Without Interest Burden

Gwangju Buk-gu Supports Loan Interest for Low-Credit Small Business Owners

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju City, has decided to strengthen support for low-credit small business owners in financial blind spots based on an analysis of the special guarantee projects conducted so far.

On the 10th, Buk-gu signed a business agreement with the Gwangju Buk-gu Corporation of the Microfinance Division of the Korea Inclusive Finance Agency (Representative Kim Jaecheol) to help stabilize the management and daily recovery of low-credit and low-income small business owners.

The agreement states that small business owners located in Buk-gu who use operating funds and start-up loans from the Gwangju Buk-gu Corporation of the Microfinance Division of the Korea Inclusive Finance Agency will receive full interest support (up to 4.5%) for the loan period.

Interest support for microfinance loans is uniquely provided among local governments in Gwangju City and will operate until the total budget of 100 million KRW is exhausted.

Loan applications and other inquiries can be made to the Buk Gwangju Inclusive Finance Integrated Support Center of the Korea Inclusive Finance Agency.

Buk-gu expects this project to help alleviate financial difficulties for low-credit and low-income small business owners who were unable to obtain loans from commercial banks or special guarantees.

Director Moon said, “We will continue to promote various support measures so that local small business owners can quickly return to their pre-COVID-19 daily lives.”