Gwangju Seo-gu 'Small Business Special Guarantee Interest Subsidy' Increase

[Asia Economy Honam Reporting Headquarters Reporter Shin Dong-ho] Seo-gu, Gwangju Metropolitan City (Mayor Kim I-gang) has raised the special guarantee interest subsidy for small business owners up to 4%, gaining great popularity among local small business owners who are experiencing economic difficulties due to COVID-19 and other factors.

Seo-gu announced on the 29th that it has supported a total of 4.8 billion KRW in special guarantee loans to local small business owners by contributing 100 million KRW (with 50 million KRW from Gwangju Bank) to the Gwangju Credit Guarantee Foundation in the first half of this year, and an additional 200 million KRW (with 50 million KRW from Gwangju Bank) last month.

In particular, when signing the additional contribution agreement last month, Seo-gu raised the interest subsidy to 4%, double the previous rate, to ease the burden on small business owners.

So far, about 200 small business owners have benefited from approximately 3.4 billion KRW in special guarantee loans, and loan consultations are increasing as the interest burden decreases.

Kim I-gang, Mayor of Seo-gu, said, "I hope the special guarantee system will provide some support to small business owners striving to recover their daily lives from COVID-19," adding, "We will actively implement practical policies so that small business owners can stand up again and the local economy can revitalize."

Meanwhile, small business owners in Seo-gu who wish to apply for special guarantee loans can apply to Gwangju Bank after consulting with the Gwangju Credit Guarantee Foundation and obtaining a guarantee certificate.

Asia Economy Honam Reporting Headquarters Reporter Shin Dong-ho baekok@asiae.co.kr

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