Gyeongbuk Credit Guarantee Foundation, Special Guarantee up to 70 Million KRW for Small Business Owners Affected by Heavy Rainfall

Gyeongbuk Province will actively provide financial support to help small and medium-sized enterprises (SMEs) and small business owners in the region, who suffered significant damage from the heavy rains, quickly receive the necessary funds and return to their daily lives.

First, the Gyeongbuk Credit Guarantee Foundation will implement the ‘Gyeongbuk-type Disaster SME Special Guarantee,’ a low-interest loan program with a maximum limit of 70 million KRW per company, linked to the ‘Gyeongbuk Betim Financial’ interest support project for small business owners in Gyeongbuk Province as a special support measure for affected small businesses and small business owners.

Members of the Marine Corps Veterans Association Gyeongbuk Federation are carrying out flood recovery work on the 23rd in Chunyang-myeon, Bonghwa-gun, where the damage from the heavy rain is severe.

The Gyeongbuk Betim Financial support project covers the 2% annual interest difference for two years, borne by Gyeongbuk Province, allowing disaster-affected small businesses and small business owners to receive support.

Additionally, companies located in cities and counties declared as special disaster areas will benefit from a reduced guarantee fee of 0.1% per year (compared to 0.5% in general disaster areas).

Gyeongbuk Province is actively seeking ways to support guarantee fees to reduce the burden on affected small businesses and small business owners.

Small business owners wishing to apply for the special guarantee can obtain a ‘Disaster SME Confirmation Certificate’ or a ‘Damage Confirmation Letter’ from their local government and apply for the guarantee at the Gyeongbuk Credit Guarantee Foundation.

Once on-site recovery is somewhat completed, the Gyeongbuk Credit Guarantee Foundation plans to visit the affected areas and operate a mobile on-site guarantee consultation center to identify financial difficulties faced by affected small business owners and promptly provide consultation and financial support guidance services.

Furthermore, the Gyeongbuk Economic Promotion Agency will support disaster-affected SMEs by providing up to 500 million KRW in emergency management stabilization funds with a 3% interest subsidy for one year.

Lee Cheol-woo, Governor of Gyeongbuk Province, stated, “We will ensure that urgent financial support consultations and guidance for SMEs and small business owners in the affected areas are conducted swiftly so that they can receive the necessary funds in a timely manner.” He added, “Gyeongbuk Province and related organizations will do their best together to help local SMEs and small business owners, who have fallen into despair due to unexpected disasters, recover as soon as possible.”

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