Yeongdeok-gun Expands Special Guarantee to Support Small Business Owners
Special Guarantee Increased from 20 Million to 30 Million Won
Secondary Interest Subsidy Rate Expanded from 2% to 4% Annually
Yeongdeok-gun, Gyeongbuk Province, will expand special guarantee support for small business owners starting from the 7th to help stabilize their management amid difficulties in financing due to the economic downturn and to promote the revitalization of the local economy.
To implement this measure, Yeongdeok-gun revised its ordinance to increase the special guarantee limit for small business owners from 20 million won to 30 million won and decided to expand the interest rate subsidy for interest differential compensation from 2% to 4%.
Interest differential compensation refers to the government or local government compensating for the difference between the procurement interest rate of the support funds and the loan interest rate when providing funds to businesses or stores.
Additionally, Yeongdeok-gun plans to reduce the burden on small business owners suffering from the aftermath of COVID-19 as well as high interest rates, high prices, and high exchange rates by contributing an additional 10 million won to the Gyeongbuk Credit Guarantee Foundation, following the already contributed 128 million won through the Ministry of the Interior and Safety’s public contest project, thereby expanding the scale of special guarantee loans.
This support project will continue until the contributed funds are exhausted, and special guarantee loans can be received up to a maximum of 30 million won.
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County Governor Kim Gwang-yeol said, “Through increasing the special guarantee limit and raising the interest rate subsidy for interest differential compensation, we hope to reduce the suffering of small business owners caused by high interest rates or private loans,” adding, “We will do our best to ensure the stable growth of the local economic ecosystem by implementing long-term economic revitalization policies and supporting small business owners who urgently need financing in the short term.”
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