Yongsan-gu, Loan Support for Small and Medium Merchants

Yongsan-gu Signs Special Credit Guarantee Agreement with Woori Bank and Seoul Credit Guarantee Foundation

On the 7th, a special credit guarantee agreement was signed with Woori Bank and Seoul Credit Guarantee Foundation

Yongsan-gu contributes 500 million KRW, Woori Bank 1 billion KRW, and the foundation supports guarantees up to 18.75 billion KRW

To alleviate financial difficulties of small and medium-sized enterprises and small business owners lacking collateral

Yongsan-gu (Mayor Park Hee-young) signed a special credit guarantee agreement with Woori Bank and the Seoul Credit Guarantee Foundation on the 7th to alleviate financial difficulties faced by small and medium-sized enterprises and small business owners lacking collateral.

This agreement was established to support the business stability of local small and medium-sized enterprises and small business owners struggling due to the three highs (high inflation, high interest rates, and high exchange rates) and to revitalize the stagnant local economy.

According to the agreement, the district office will handle administrative tasks such as discovering and recommending guarantee targets and will contribute 500 million KRW as special guarantee funds. Woori Bank will also contribute 1 billion KRW, and the Seoul Credit Guarantee Foundation will provide credit guarantees to small business owners within a limit of 18.75 billion KRW, which is 12.5 times the total contributions.

In particular, credit guarantees will be available for newly established companies less than three months old and promising industries with low current sales but high growth potential, which is expected to encourage participation from many small business owners.

For more details, inquiries can be made to the Seoul Credit Guarantee Foundation Yongsan Branch or the Yongsan-gu Office Regional Economy Division.

Park Hee-young, Mayor of Yongsan-gu, said, “Seeing small business owners struggling due to COVID-19 and high interest rates, we joined forces with other institutions to provide even a little help. We will continue to actively promote local economy-focused policies that provide practical support on the ground.”

This year, in the first half, the district supported loans totaling approximately 6.6 billion KRW to 145 businesses in the area through the Small and Medium Enterprise Development Fund and Job Creation Fund. Various projects are being promoted to revitalize the local economy, including issuing 15 billion KRW worth of Yongsan Love Gift Certificates to increase sales of local small and medium-sized business owners.

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