Gwangju Dong-gu 'Small Business Special Guarantee' Loan Up to 30 Million Won

[Asia Economy Honam Reporting Headquarters Reporter Cho Hyung-joo] Gwangju Dong-gu Office announced on the 11th that it will start the 'Special Guarantee Loan and Interest Differential Compensation Support for Small Business Owners' project from this month to stabilize the management of small business owners who are experiencing severe business difficulties such as decreased sales due to the prolonged COVID-19 pandemic.

According to Dong-gu Office, the special guarantee for small business owners is a system that supports guarantees through the Gwangju Credit Guarantee Foundation so that small business owners who have difficulty obtaining bank loans due to insufficient collateral can receive low-interest loans from financial institutions.

On the 11th, Dong-gu signed the '2022 Dong-gu Small Business Owners Special Guarantee and Interest Differential Compensation Agreement' with Gwangju Bank and the Gwangju Credit Guarantee Foundation. Through this agreement, Dong-gu and Gwangju Bank will contribute to the Gwangju Credit Guarantee Foundation, which will support loan guarantees within the scale of 1.2 billion KRW.

The guarantee targets small business owners with workplaces in Dong-gu, who can receive loan support up to 30 million KRW through Gwangju Bank, and Dong-gu will support the business owners with an annual interest rate of 2.5% for up to two years.

Im Taek, head of Dong-gu Office, said, "I express my gratitude and consolation to the small business owners who have silently complied with the strong quarantine guidelines amid the prolonged COVID-19 pandemic," adding, "I hope this support can help alleviate business difficulties even a little, and we will continue to devise various support measures for self-employed people and small business owners."

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