Seodaemun-gu Provides 14.6 Billion KRW Unsecured Special Guarantees to Small and Medium-Sized Merchants

Annual interest rate up to 3% with a limit of 50 million KRW per person

Scene from the special unsecured guarantee business agreement ceremony for small and medium-sized merchants in Seodaemun-gu. From the left, Park Wansik, Vice President of Woori Bank; Lee Seongheon, Mayor of Seodaemun-gu; Joo Cheolsu, Chairman of Seoul Credit Guarantee Foundation; Park Seonghyeon, Vice President of Shinhan Bank.

[Asia Economy Reporter Jong-il Park] Seodaemun-gu will implement an unsecured special guarantee worth 14.6 billion KRW starting September 1 to stabilize the management and alleviate financial difficulties of small and medium-sized merchants ahead of the Chuseok holiday.

A business agreement ceremony for this was held on the afternoon of the 25th in the first conference room of the district office, attended by Lee Seong-heon, Mayor of Seodaemun-gu, Joo Cheol-soo, Chairman of the Seoul Credit Guarantee Foundation, Park Wan-sik, Vice President of Woori Bank, and Park Seong-hyun, Vice President of Shinhan Bank.

Under this agreement, the limit per person for the ‘Seodaemun-gu Small and Medium Merchant Unsecured Special Guarantee’ is 50 million KRW, with an annual interest rate of 3% or less, and applicants can choose between ‘1-year grace period with 4 years of equal installment repayment’ or ‘2-year grace period with 3 years of equal installment repayment.’

Small and medium merchants who have operated in Seodaemun-gu for more than six months are eligible to apply. However, businesses that have already used guarantees of 50 million KRW or more through the Seoul Credit Guarantee Foundation linked with Seodaemun-gu are excluded.

Applicants should bring a copy of their business registration certificate and financial statements to visit the Seodaemun branch of the Seoul Credit Guarantee Foundation for consultation, receive the guarantee certificate, and then visit branches of Woori Bank or Shinhan Bank located in Seodaemun-gu.

In addition to this special guarantee, the district operates a small and medium enterprise development fund and is promoting various management improvement support projects, including issuing Seodaemun Love Gift Certificates worth 12.8 billion KRW on September 1. For more details, contact the Job and Economy Division of Seodaemun-gu Office.

Lee Seong-heon, Mayor of Seodaemun-gu, said, “Many small business owners are going through difficult times due to COVID-19 and rising interest rates, and I hope this special guarantee will provide some support.”

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