Incheon Shinbo-Kakao Bank Launch Win-Win Guarantee for Startups... Support Up to 50 Million KRW
The Incheon Credit Guarantee Foundation is implementing a win-win guarantee for early-stage small businesses and small merchants in collaboration with KakaoBank.
The foundation announced on the 3rd that it recently signed the "Incheon City Startup Win-Win Guarantee Business Agreement through KakaoBank Special Contribution." Through this agreement guarantee, KakaoBank will make a special contribution of 500 million KRW, and the foundation will support credit guarantees worth 7.5 billion KRW.
The support targets small businesses and small merchants in the Incheon area that have been established for less than three years. Each company can receive loans up to 50 million KRW, with a repayment period of 5 years (1-year grace period followed by 4 years of equal monthly principal repayments). The guarantee fee is 1% per annum, and KakaoBank will cover 50% of the guarantee fee until the end of this year.
However, companies are excluded from support if the representative's personal credit score is below 595 points (based on NICE Credit Rating Agency standards), if the company has used foundation guarantees within the past 6 months, or if they fall under restricted guarantee industries (luxury, entertainment, etc.) or restricted guarantee reasons (delinquency, arrears, etc.).
Applications are accepted until the funding limit is exhausted. In-person applications are possible after making a consultation reservation with the foundation, and non-face-to-face applications can be made through the KakaoBank app.
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An official from the Incheon Credit Guarantee Foundation stated, "We will expand non-face-to-face guarantee supply through the agreement with KakaoBank and take the lead in providing necessary financial support to small merchants who find it difficult to visit the foundation due to their livelihoods." Detailed information can be found on the Incheon Credit Guarantee Foundation website.
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