Anyang City to Support Small Business Special Guarantees Worth 15 Billion KRW This Year

Anyang City Hall

Anyang City in Gyeonggi Province will continue its special guarantee and loan interest support program to alleviate financial difficulties for small business owners this year, following last year.

The special guarantee for small business owners is a system that provides guarantees through the Credit Guarantee Foundation to help small business owners who are experiencing financial difficulties or lack collateral to obtain loans.

This year, Anyang City will contribute 1.5 billion KRW to the Gyeonggi Credit Guarantee Foundation to operate a special guarantee support project worth 15 billion KRW annually.

The guarantee support targets businesses that have been registered and operating for more than three months within the jurisdiction. Among small business owners with low credit ratings, recipients are selected through a guarantee screening process. The guarantee limit per business is 50 million KRW.

Small business owners in need of funds must submit a special guarantee application form, a copy of their resident registration, and a copy of their business registration certificate to the Anyang branch of the Gyeonggi Credit Guarantee Foundation.

Additionally, Anyang City supports loan interest up to 2%, with a maximum of 20 million KRW, for small business owners with low credit who have received loans through the special guarantee.

However, loan interest support is only available if the loan is taken from financial institutions that have agreements with Anyang City. The partner institutions include nine Saemaeul Geumgo branches (Jungbu, Anyang, Hyupsim, Jeil, Manan, Bukbu, Dongbu, Nambu, Dongan) and five credit unions (three Sae Anyang Credit Unions and two Mirae Credit Unions).

Mayor Choi Jae-ho of Anyang said, "We hope that financial support such as special guarantees and loan interest support will serve as a stepping stone for small business owners to overcome crises and greatly contribute to revitalizing the local economy."

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