Gwangju Seo-gu Supports Small Business Loans... Up to 20 Million Won

Seo-gu, Gwangju Metropolitan City (Mayor Kim Ikang) is providing loan funds to support small business owners' management stability and revitalize the local economy.

On the 29th, Seo-gu announced that it signed the 'Gwangju Seo-gu Small Business Special Guarantee Support Agreement' with Gwangju Bank (Vice President Lee Sangchae) and Gwangju Credit Guarantee Foundation (Chairman Kim Guinam) at the Seo-gu Office Eum Hall.

On the 29th, Seogu signed the 'Gwangju Seogu Small Business Special Guarantee Support Agreement' with Gwangju Bank (Vice President Lee Sang-chae) and Gwangju Credit Guarantee Foundation (Chairman Kim Gwi-nam) at the Seogu Office Eum Hall.
[Photo by Seogu]

Through this agreement, Seo-gu will contribute 200 million KRW, Gwangju Bank will contribute 100 million KRW, and the Gwangju Credit Guarantee Foundation will provide credit guarantees totaling 4.2 billion KRW.

As a result, small business owners in Seo-gu can receive support through Gwangju Bank for ▲up to 20 million KRW per business ▲loan period within 5 years ▲interest support of 4% to 5% for up to 1 year.

Since 2013 until last year, Seo-gu has supported 1,143 small business owners with special guarantees totaling 18.9 billion KRW, and this year, it will provide 4.2 billion KRW in special guarantees, an increase of 600 million KRW compared to last year, to help small business owners struggling due to the economic downturn.

In particular, for small business owners with medium to low credit (credit score 879 or below), the interest support has been increased from 4% last year to 5% this year to help stabilize their management.

Mayor Kim Ikang of Seo-gu said, "I hope this will help alleviate small business owners' financial difficulties and reduce the burden of loan interest during these difficult times," adding, "In line with the district administration vision of 'Together Seo-gu, Standing Tall Seo-gu,' we will be a strong supporter working alongside local small business owners to stabilize the livelihood economy."

For more details, please contact the Seo-gu Small Business Management Support Center or the Seo-gu branch of the Gwangju Credit Guarantee Foundation.

Asia Economy Honam Reporting Headquarters, Reporter Shin Dongho baekok@asiae.co.kr

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