Gangwon-do Supports Small Business Owners in Financial Blind Spots... Loans Available from May

Including Small Business Owners with Low Credit Ratings... Up to 20 Million Won per Company

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province will create a fund of 5 billion KRW to support vulnerable small business owners in financial blind spots starting in May.

According to the province on the 22nd, the support targets are low-income (annual income below 35 million KRW and near-poor class), disabled persons, multicultural families, single-parent family business owners who have difficulty accessing the primary financial sector, and small business owners with low credit ratings.

The loan amount is up to 20 million KRW per business, with an average interest rate of around 3-4%, supported for 5 years (1 year grace period, 4 years installment repayment), and loans can be obtained from partner banks through credit guarantee certificates issued by the Credit Guarantee Foundation.

This financial support is provided by seven banks (NongHyup, Shinhan, Saemaeul Geumgo, ShinHyup, local agricultural and livestock cooperatives, Forestry Cooperative, and Savings Banks). Separately, for residents who have confirmed debt adjustment and are faithfully repaying their debts, the 'Restart Success Fund' is also being supported from this month with a scale of 500 million KRW.

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