Gyeonggi Credit Guarantee Foundation Provides 300 Billion KRW Guarantee for SMEs and Small Business Owners... NH Nonghyup Gyeonggi Headquarters Contributes 20 Billion KRW

The Gyeonggi Credit Guarantee Foundation is partnering with NH Nonghyup Bank Gyeonggi Business Headquarters to provide a total of 300 billion KRW in agreement guarantees for small and medium-sized enterprises (SMEs) and small business owners in the province.

On the 5th, Gyeonggi Credit Guarantee Foundation announced that it signed the "2024 NH Nonghyup Bank Special Contribution Agreement for the Smooth Landing of Gyeonggi Province's Livelihood Economy and Win-Win Financial Support" at the 2nd-floor conference room of the Gyeonggi Credit Guarantee Foundation headquarters in Gwanggyo Technovalley, Yeongtong, Suwon.

According to the agreement, NH Nonghyup Bank will transfer a special contribution fund of 20 billion KRW to the Gyeonggi Credit Guarantee Foundation, which will then use this fund as a basis to provide a total of 300 billion KRW in NH Nonghyup Bank special contribution agreement guarantees.

The agreement guarantee support targets SMEs and small business owners whose headquarters or business sites are located within Gyeonggi Province. The support limit is 800 million KRW per company and 100 million KRW for small business owners. The guarantee period is up to 5 years, and loans will be provided at Nonghyup Bank branches within the province.

Si Seok-jung, Chairman of the Gyeonggi Credit Guarantee Foundation (right), is taking a commemorative photo with Kim Min-ja, Head of NH Nonghyup Bank Gyeonggi Business Headquarters, after signing a 20 billion won contribution agreement on the 5th.

To facilitate smooth loan execution and interest rate reduction effects for applicants, Gyeonggi Credit Guarantee Foundation will preferentially apply a guarantee ratio of 100% for the agreement guarantees, up from the previous 85%. However, for amounts exceeding 50 million KRW, a 90% guarantee ratio will be applied.

Si Seok-jung, Chairman of the Gyeonggi Credit Guarantee Foundation, stated, "This business agreement with NH Nonghyup Bank is expected to serve as a pillar to help SMEs and small business owners in the province overcome the crisis caused by the prolonged economic downturn." He added, "Going forward, Gyeonggi Credit Guarantee Foundation will continue to strive to provide more, more balanced, and better opportunities for business success through active financial support and practical policies for companies in the province."

Kim Dong-yeon, Governor of Gyeonggi Province, previously announced an ‘expansionary fiscal’ policy by securing a budget of 95.7 billion KRW through strong expenditure restructuring despite expected tax revenue shortages, to actively respond to the difficult economic situation last year, including contributions to the Gyeonggi Credit Guarantee Foundation.

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