Yongin City Supports Small Business Owners with Annual 3% Interest Loans up to 50 Million Won

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province resumed the 'Small Business Premium Loan Service' support project starting from the 11th.

The Small Business Premium Loan Service is a project that provides small business owners with start-up and operating funds up to 50 million KRW unsecured for five years through the Gyeonggi Credit Guarantee Foundation's guarantee, and the city supports the loan interest for one year within the range of 3% per annum.

Previously, Yongin City allocated 1.82 billion KRW in the main budget this year to provide this loan service to small self-employed business owners, but the project was suspended after the budget was fully exhausted in July.

The city restarted the loan service from this day by investing 630 million KRW secured through the supplementary budget. Loans can be obtained from six contracted banks in the jurisdiction (NongHyup, Industrial Bank of Korea, Hana, Shinhan, Woori, and Kookmin Bank), and the loan interest rates are applied according to each bank's market rates.

The support target is small business owners who have registered their business in the jurisdiction and have operated their business place for more than two months.

Applications can be made by visiting the Yongin branch of the Gyeonggi Credit Guarantee Foundation or through the Gyeonggi Credit Guarantee Foundation Cyber Guarantee Center.

A city official stated, "We hope the premium loan service will be of some help to small business owners facing financial difficulties," and added, "We will continue to do our best to find ways to support small business owners, who are the foundation of the local economy."

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